TORONTO, Oct. 23, 2015 /CNW/ - Morganti Legal, a cross-border law firm focused on representing investors, has commenced an investigation into potential violations of securities laws by Valeant Pharmaceuticals International Inc. (TSX and NYSE: "VRX") in respect of allegations that Valeant may have released materially misleading business information to the investing public including potentially inflating revenues by recording intercompany sales in its revenue figures.
On October 19, 2015, Southern Investigative Reporting Foundation (SIRF) issued a report on Valeant revealing an undisclosed relationship between the Company and specialty pharmacy Philidor RX Services. Upon release of this news, Valeant's share price on the TSX fell $14.35 per share from the previous trading day's close to close at $213.05 per share.
On October 21, 2015, Citron Research issued a subsequent report on Valeant, which alleged, amongst other things, that Valeant and Philidor maintain phantom pharmacies to improperly recognize and record revenue from the sale of drugs, or in order to avoid scrutiny from auditors. Upon release of this news, Valeant's share price on the TSX dropped 40% during intraday trading, and ultimately fell $36.64 per share to close the day at $154.21.
Investors who purchased shares of Valeant Pharmaceuticals International Inc. on the Toronto Stock Exchange on or before October 21, 2015 are encouraged to stay informed and protect their rights. You may contact Morganti Legal at (888) 226-0845 or by email at [email protected] for further information.
None of the allegations have been adjudicated in court at this time.
Morganti Legal is comprised of experienced securities lawyers that investigate, litigate and resolve economic and financial disputes. You may learn more about Morganti Legal at www.morgantilegal.com. The Firm currently represents investors that purchased securities of Allied Nevada Gold Corp, BP plc, Detour Gold Corporation, Ithaca Energy Limited, MDC Partners, Inc., Silvercorp Metals Inc., and Tesco plc.
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SOURCE Trilogy Class Actions
For further information: Eli Karp, Morganti Legal at (888) 226-0845 or by email at [email protected]