NOTABLE CASES

Valeant Pharmaceuticals (now Bausch Health Companies) Settles “Stock Drop” Litigation for $1.21 Billion

December 16, 2019

CASE SUMMARY

The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information about the Company’s business and prospects, including that the Company was using a network of specialty mail-order pharmacies that it actually controlled to prop up sales of its high-priced drugs and to keep patients and their insurance companies from switching to less costly generic drugs, that Valeant’s undisclosed use of specialty pharmacies left it subject to increased regulatory risks, and that without the use of the specialty pharmacies, Valeant’s financial performance and Class Period financial guidance would have been negatively impacted. As a result of these false and misleading statements and/or omissions, Valeant stock traded at artificially inflated prices during the Class Period, reaching over $260 per share.

On October 19, 2015, the Company issued a press release reporting its third quarter 2015 financial results. On the same day, Valeant hosted an earnings call during which, for the first time, Defendants revealed the previously undisclosed and direct relationship between Valeant and certain specialty pharmacies. On this news, the price of Valeant common stock fell over 10% in one day, from a close of $163.83 per share on October 19, 2015 to a close of $146.74 per share on October 20, 2015. Additional news concerning Valeant’s unique relationships with specialty pharmacies reached the market on October 21, 2015, causing the price of Valeant stock to drop sharply, falling further… to a close of $118.61 per share.

CLASS DEFINITION

On behalf of all those who purchased Valeant Pharmaceuticals International, Inc. (‘Valeant” or the “Company”) equity securities and senior notes in the United States during the Class Period.

INITIAL FEDERAL FILING DATE

October 22, 2015

ELIGIBLE SECURITY ID’S

Valeant Pharmaceuticals International, Inc. (No Ticker)
91911KAB8; BC9S9X4; BGLVXJ3; BVFJNT8; US91911KAC62; US91911KAD46; US91911KAE29

Valeant Pharmaceuticals International, Inc. (VRX)
91911KAC6; 91911KAD4; 91911KAE2; 91911KAF9; 91911KAG7; 91911KAH5; US91911KAB89; USC94143AB74; USC94143AC57; USC94143AD31; USC94143AE14; USC96715AA29; USC96729AA31; USU9098VAE21

VALEANT PHARMACEUTICALS INTLINC CDA (VRX)
2098199; 91911K102; B3XSX46; B41NYV4; B4M1HS5; BJ056T8; BR3HZZ6; BSJC682; CA91911K1021

CLASS PERIOD

January 4, 2013 to March 15, 2016

SETTLEMENT AMOUNT

$1,210,000,000

CLAIM DEADLINE DATE

May 6, 2020

CLAIMS ADMINISTRATOR

Gilardi & Co.

COURT

U.S. District Court – New Jersey

LEAD PLAINTIFF

Teachers Insurance and Annuity Association of America (TIAA)

LEAD COUNSEL FIRM

Robbins Geller Rudman & Dowd

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