Investors Launch Class Action Against Valeant Pharmaceuticals In British Columbia:Lawsuit Seeks Compensation, Citing Oppresive Conduct And Misrepresentations
TORONTO, November 17, 2015 – Law firm Investigation Counsel Professional Corporation has commenced a class action in Vancouver on behalf of investors of Valeant Pharmaceuticals International Inc. (TSX: VRX-T), which is incorporated under the laws of British Columbia. The suit alleges oppression and securities violations by the company and certain of its directors and officers.
The claim arises from allegedly unlawful and improper business practices engaged in by Valeant and its agents to boost sales of the company’s expensive brand name drugs. Between September 28, 2015, and November 5, 2015, the price of the company’s shares dropped over 60%, a market loss of over $50 billion. The price of the company’s bonds also fell significantly during this period. These steep declines followed revelations of U.S. government investigations into Valeant’s pricing and business practices and disclosure of the company’s interest in a network of captive pharmacies. It is alleged that the company’s reputation has been damaged and its future business prospects have been severely prejudiced. Valeant’s investors have suffered substantial harm as a result.
The lawsuit has been brought on behalf of investors who purchased shares or bonds of Valeant between February 28, 2013, and October 21, 2015.
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