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Case Status:    ONGOING    
On or around 10/22/2019 (Date of last review)

Filing Date: October 22, 2015

According to the law firm press release, the lawsuit alleges throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Valeant had deficient internal controls, (2) Valeant had a relationship with a network of specialty pharmacies used to boost Valeant’s sales of its high-priced drugs; (3) the use of specialty pharmacies left Valeant vulnerable to increased regulatory risks, (4) Defendants were under government scrutiny for its financial assistance programs for patients, pricing decisions and the distribution of its products, (5) Valeant faced the risk of scrutiny over its price increases, (6) without using specialty pharmacies, Valeant’s financial performance would be negatively impacted, (7) without using specialty pharmacies, Valeant’s Class Period performance would have been negatively impacted, (8) Valeant’s true relationship with Philidor and the extent of that relationship, (9) Valeant controlled Philidor, (10) Valeant’s subsidiary KGA had a secured lien interest on Philidor’s ownership, (11) Defendants were engaged in a scheme to manipulate Valeant’s stock price, and (12) as a result, Valeant’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Plaintiffs filed a consolidated Complaint on June 24, 2016.

On April 28, 2017, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss.

On November 29, 2017 the Court issued a stay. All proceedings and discovery were stayed until the conclusion of the criminal trial in United States v. Tanner, et al., Case No. 17-cr-61, or by order of the Court. On June 5, 2018, the Court issued an Order lifting the stay.

Plaintiffs filed an amended consolidated Complaint on September 20, 2018. On October 5, the Court issued an Order dismissing four counts of the first amended Complaint. On January 14, 2019, Defendants filed a Motion to Dismiss the amended consolidated Complaint. On June 30, the Court issued an Order denying Defendants' Motion to Dismiss.

On September 10, 2019, the Court issued an Order appointing a Special Master.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Major Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VRX
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 15-CV-07658
JUDGE: Hon. Michael A. Shipp
DATE FILED: 10/22/2015
CLASS PERIOD START: 02/23/2015
CLASS PERIOD END: 10/20/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohn, Lifland, Pearlman, Herrmann & Knopf
  2. Johnson & Weaver, LLP
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 15-CV-07658
JUDGE: Hon. Michael A. Shipp
DATE FILED: 09/20/2018
CLASS PERIOD START: 01/04/2013
CLASS PERIOD END: 03/15/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Seeger Weiss LLP (New York)
    One William Street, Seeger Weiss LLP (New York), NY 10004
    212.584.0700 · info@seegerweiss.com
No Document Title Filing Date
No Document Title Filing Date