Valeant Finally Files Overdue Annual Report

Source: Wall Street Journal

Apr 29, 2016

Valeant Pharmaceuticals filed its overdue and long-anticipated annual report this morning, just in time to avoid debt default.

The report was delayed multiple times as Valeant reviewed financial documents related to a specialty pharmacy, Philidor.

The document revealed a number of new investigations into its business practices as well as outlining sweeping board changes.

According to the WSJ, the 10-K filing offered new information about ongoing Justice Department investigations and disclosed new state investigations. The filing discussed two probes by districts in Massachusetts and the Southern District of New York that relate to Valeant's patient assistance program, former relationship with the specialty pharmacy Philidor Rx Services and its accounting treatment of specialty pharmacies sales.

Read the WSJ story