Valeant says news report mischaracterizes timing of SEC inquiry of Salix

|By:, SA News Editor

In a statement, Valeant Pharmaceuticals (NYSE:VRX) says a news report yesterday misconstrued the timing of the start of an SEC investigation into possible securities law violations by Salix Pharmaceuticals, which Valeant acquired for $11B in April 2015.

Valeant says it first disclosed the SEC inquiry in on April 30, 2015 in its 10-Q for the quarter ended March 31, 2015. It continued to disclose the matter in its subsequent quarterly and annual filings. The disclosure in the company's 10-K filed yesterday is identical to the disclosure made in its 10-Q filed on October 26, 2015.

The SEC investigation relates to legacy matters at Salix the predate the Valeant transaction.

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