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."