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Valeant complains to SEC about Allergan's misstatements

  • Valeant Pharmaceuticals (NYSE:VRX) contacts regulators in the U.S. and Canada complaining about Allergan's (NYSE:AGN) misleading statements it made about the former's Bausch + Lomb unit. In a regulatory filing submitted on Friday, July 18, Allergan stated that Valeant's B + L investor presentation "hides the ball" by cherry picking financial data. The presentation focuses on the unit's growing medical device segment instead of the pharmaceuticals business which is stagnant or declining. Valeant counters that the pharmaceutical unit grew 6% in Q2 while the U.S. portion grew 17%.
  • Valeant CEO J. Michael Pearson says, "We do not believe it is productive for either company to conduct due diligence in a public forum and although we have consistently offered Allergan the opportunity to conduct due diligence on our business, its management and board have refused, and have instead chosen to make misrepresentations and false statements about our business."
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Comments (4)
  • Patent News
    , contributor
    Comments (1416) | Send Message
     
    what a loser move. FYI the CEO of Valeant we heard is a major alcoholic
    21 Jul 2014, 08:19 AM Reply Like
  • sgarner000
    , contributor
    Comments (2) | Send Message
     
    I heard he clubs baby seals in his spare time
    21 Jul 2014, 01:22 PM Reply Like
  • DavidRosow
    , contributor
    Comments (2) | Send Message
     
    That is interesting information? You also may want to look into Pyott early career at NOVARTIS in Europe ? He had numerous problems and exited NOVARTIS quickly.
    21 Jul 2014, 11:01 AM Reply Like
  • youhavetobekidding
    , contributor
    Comments (6) | Send Message
     
    Interesting move by Valeant. Do they really want the SEC to investigate such things as the way the report/mislead there earnings. Allergan only stated information reported by IMS which shows that B+L unit shares have decreased significantly over the past year after the Valeant/B+L deal closed. They also pointed out that the significant price increases and dollar share reports are not the complete story and Valeant is certainly trying to hide the issues that occur with there business model.

     

    This is more smoke and mirrors by Valeant to further muddy the waters for the Allergan investor community.
    21 Jul 2014, 01:07 PM Reply Like
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