STEVENSON, Md., Oct. 27, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (“Valeant” or the “Company”) common stock during the period between February 28, 2014 and October 21, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until December 21, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Valeant common stock purchased on or after February 28, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Valeant had a relationship with a network of specialty pharmacies used to boost Valeant’s sales of its high-priced drugs which left Valeant vulnerable to increased regulatory risks, that the Company faced the risk of scrutiny over its price increases for certain drugs and was under government scrutiny for its financial assistance programs for patients, pricing decisions and the distribution of its products, that Valeant’s financial performance would be negatively impacted without using specialty pharmacies, and that Valeant’s true relationship with specialty pharmacy Philidor was that Valeant controlled Philidor.
According to the complaint, following a September 28, 2015 Congressional Committee letter addressing that the Company failed to adequately explain substantial price increases in for cost of drugs recently purchased by the Company; October 5, 2015 media coverage of the Company’s pricing tactics, the October 14, 2015 disclosure that Massachusetts and New York had issue subpoenas relating primarily to patient assistance programs and pricing decisions; the October 19, 2015 Company disclosure that the Company was considering the spinoff of a portfolio of certain drugs, discussing Valeant’s relationship with specialty pharmacies, including Philidor, and refusing to discuss subpoenas from federal prosecutors; an October 19, 2015 New York Times article addressing the Company’s drug pricing tactics; and an October 21, 2015 Citron Research report providing greater detail of, among other things, the Company’s drug sales and pricing schemes, the value of Valeant shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 / firstname.lastname@example.org
Source: Brower Piven, A Professional Corporation