Valeant Pharmaceuticals International's ad hoc committee of the board of directors says that its review of revenue acquired through mail-order pharmacy Philidor RX Services and related accounting matters is complete, and that it has not identified any additional items that would require restatements beyond those required by matters previously disclosed.
Given the completion of the review, Valeant said its Board has decided to dissolve the Ad Hoc Committee and that the 12 independent directors on Valeant's Board, including the members of the Board's Audit and Risk Committee, will assume oversight responsibility for remaining work associated with the completion of the Company's current and restated financial statements and disclosures, as well as its assessment of related internal controls and remediation matters.
"After conducting more than 70 interviews and reviewing over one million documents, the Ad Hoc Committee has not identified any additional items requiring restatements beyond those matters previously disclosed," said Robert Ingram, chairman of the board.
The company is in the process of restating the affected financial statements and the restated financial statements will be included in the company's Form 10-K for the year ended Dec. 31, 2015, which the company intends to file with the Securities and Exchange Commission and the Canadian Securities Regulators on or before April 29, 2016. The company believes that after giving effect to the restatement, it will have remained in compliance with all of the financial maintenance covenants in its credit facility at the end of each affected quarterly period.