TORONTO, Nov. 17, 2015 /CNW/ - Investigation Counsel Professional Corporation has commenced a class action in Vancouver on behalf of investors of Valeant Pharmaceuticals International Inc. (TSX: VRX-T).
The action alleges oppression and securities violations by Valeant and certain of its directors and officers based on allegedly unlawful and improper business practices of the company and its agents to boost sales of expensive brand name drugs. Between September 28 and November 5, 2015, Valeant's shares dropped over 60%, a loss of over $50 billion, following revelations of U.S. government investig ations into the company's pricing and business practices and disclosure of its interest in a network of captive pharmacies. The action alleges that the company's reputation has been damaged and its business prospects prejudiced. Valeant's investors have suffered substantial harm as a result.
The class action is being brought on behalf of investors who purchased shares or bonds of Valeant between February 28, 2013, and October 21, 2015.
SOURCE Investigation Counsel PC