MONTRÉAL, Sept. 5, 2017 /CNW/ - Québec's Superior Court has granted authorization (or leave) to pursue a shareholder class action on behalf of secondary market purchasers of securities issued by Valeant Pharmaceuticals International Inc. ("Valeant") (TSX and NYSE: "VRX") who acquired those securities between February 2013 through October 2015 (the "Class Period") under Title VIII, Chapter II, Division II of the Québec Securities Act ("QSA").
Leave under the QSA has been granted against Valeant, certain of its current or former directors and officers namely J. Michael Pearson, Howard B. Schiller, Robert L. Rosiello, Robert A. Ingram, Ronald H. Farmer, Theo Melas-Kyriazi, G. Mason Morfit, Laurence Paul, Robert N. Power, Norma A. Provencio, Lloyd M. Segal, Katharine B. Stevenson, Fred Hassan, Colleen Goggins, Anders O. Lonner and Jeffrey W. Ubben, and Valeant's auditors, PricewaterhouseCoopers LLP. The action is based on allegations that Valeant's filings with securities regulators in Canada and the United States during the Class Period contained materially false or misleading statements. A copy of the Court's judgment is available [here].
The Court's decision grants the plaintiffs leave to pursue claims under the QSA and authorizes them to advance the action as a class proceeding. Leave and authorization are procedural matters that define the form of the litigation. The action will now proceed toward trial. The Defendants dispute the claims asserted.
A notice detailing the impact of the authorization of the action as a class proceeding on the rights of individual investors will be delivered at a later date in accordance with a further order of the Court.
The Class Action Plaintiffs are represented by a consortium of Canadian law firms which includes Siskinds LLP, Faguy & Co, Siskinds Desmeules, Koskie Minsky LLP, Rochon Genova LLP, Strosberg Sasso Sutts LLP, Morganti Legal and Investigation Counsel PC.
SOURCE Siskinds LLP