Valeant delays Q4 report as CEO returns from illness

MONTREAL -- The return of Valeant Pharmaceuticals' chief executive from medical leave on the weekend has delayed the company's fourth-quarter financial report, which was to be released Monday.

See Full Article

The Quebec-based company (TSX:VRX) says it's also withdrawing previously announced estimates of what it expects to achieve in the 2015 fourth quarter ended Dec. 31 and for the 2016 financial year.

The company, based in Laval, Que., didn't announce a new date for its financial report but said it would be "in the near term."

Valeant announced Feb. 22 that it will need to restate its financial reports for 2014 and 2015 because of errors in the way it recorded revenue from sales through Philidor.

Questions have been raised about Valeant's relationship with Philidor, which distributed some of the company's specialty drugs until their relationship was ended abruptly in October.

Valeant is also one of the companies under investigation as the U.S. Congress looks at price increases for certain specialty drugs.

CEO Michael Pearson, who had been off the job since mid-December due to pneumonia and complications from the treatment, said in a statement Sunday that his "immediate priority" is to rebuild relationships with business partners, regulators and government representatives.

"I realize that recent events are disappointing to everyone and it is my responsibility to set the appropriate tone for the organization," Pearson said.

"I will focus on the retention and enhancement of our management teams and employee groups around the world and ensure that we maintain a culture that adheres to the highest ethical standards."



Advertisements

Latest Economic News

  • Warren Buffett says don't waste money on investment fees

    Economic CTV News
    OMAHA, Neb. -- Billionaire Warren Buffett wants investors to be wary of the high fees Wall Street routinely charges because of the damage they do to investment returns, and he emphasized his confident outlook in the U.S. Source
  • 'We always find a way': N.L.'s oil-dependent economy is hurting, but there is hope on the horizon

    Economic CBC News
    Dwight Ball, the affable pharmacist who has been Newfoundland and Labrador's premier for the last 15 months, said something remarkable Wednesday while swinging an axe through several hundred government jobs. "We're human, too. This impacts us," said Ball, who clearly has shown no relish for the more brutal parts of dealing with an oil-dependent economy during a collapse in petroleum prices. Source
  • Deciphering Trump's curious comments on Keystone XL pipeline

    Economic CBC News
    In his nearly hour-long speech at the Conservative Political Action Conference on Friday morning, U.S. President Trump talked about a lot of things — the media, Obamacare, trade and crime. But he also ventured into pipelines. Source
  • Ontario police looking for 'large quantity' of stolen cheese

    Economic CTV News
    SOUTH WEST OXFORD TOWNSHIP, Ont. - Police in southwestern Ontario are looking for thieves who made off with a lot of cheese. Ontario Provincial Police say the Village Cheese Mill in South West Oxford Township, east of London, Ont. Source
  • Stock prices slide lower despite large profits at big banks

    Economic CBC News
    Canada's benchmark stock index is on track for its worst day of the year as oil prices are lower and financial firms are selling off despite record earnings at some of Canada's biggest banks. The S&P/TSX composite index was off by 260 points to 15,520 in the afternoon. Source
  • TSX tumbles 247 points despite big profits at big banks

    Economic CBC News
    Canada's benchmark stock index is on track for its worst day of the year as oil prices are lower and financial firms are selling off despite record earnings at some of Canada's biggest banks. The S&P/TSX composite index was off by 260 points to 15,520 in the afternoon. Source
  • 'Baycott': Why 'Peeved Beavers' are upset by Ivanka Trump's brand at the Bay

    Economic CTV News
    Armed with distinctive blonde wigs, pursed lips and red power ties, a group of Ontario women are planning to dress up as U.S. President Donald Trump to protest the Hudson’s Bay Co. for carrying Ivanka Trump’s fashion line during two demonstrations in the Toronto area planned for Saturday. Source
  • Nova Scotia tourism sees third consecutive year of growth

    Economic CTV News
    HALIFAX - Nova Scotia says the province's tourism industry continued a steady upswing in fortunes in 2016. It says 2.2 million visitors came to the province -- that's up eight per cent, or about 170,000 more visitors, than in 2015. Source
  • Husky may sell some of its assets in N.L. offshore oil industry: sources

    Economic CBC News
    Canadian oil and gas producer Husky Energy Inc is weighing paring down its stakes in some of its Eastern Canadian offshore assets, in a move that could fetch as much as several billion dollars, people familiar with the talks have told the Reuters news service. Source
  • Cleanup of oil spill in Sask. cost $107M, Husky Energy says

    Economic CTV News
    CALGARY -- Husky Energy says efforts to clean up a major oil pipeline spill last year in Saskatchewan have cost $107 million. About 90,000 litres of heavy crude and diluent leaked into the North Saskatchewan River last July, jeopardizing drinking water supplies for thousands of people downstream. Source