LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of Valeant Pharmaceuticals International, Inc. (“Valeant” or the “Company”) (NYSE: VRX) who purchased shares between February 28, 2014, and October 21, 2015, inclusive (the “Class Period”) and have been damaged by the recent declines in the Company’s stock price. Valeant investors have until December 21, 2015 to file a lead plaintiff motion.

On October 14, 2015, in connection with concerns over the Company’s practice of buying drugs and dramatically increasing prices, the Company reported that it was subpoenaed by U.S. prosecutors seeking information on its pricing decisions, drug distribution and patient assistance programs. The Company also reported that it had responded to a letter from U.S. Democratic Senator Claire McCaskill concerning Valeant's heart drugs Nitropress and Isuprel.

On October 21, 2015, the Company was the subject of an analyst report published by Citron Research that alleges that Valeant is using pharmacies related to Philidor to store inventory and record the transactions as sales. The Citron Research report further alleges that it appears “that Valeant/Philidor have created an entire network of phantom captive pharmacies” to create fake sales of drugs or to avoid scrutiny from auditors. Following this news, shares of Valeant fell $28.13, or almost 20%, to close at $118.61 per share on October 21, 2015.

On October 26, 2015, Valeant announced that it was appointing a committee to review the Company’s relationship with Philidor. The Company also indicated that it intended to continue with its previously announced plan to focus on developing new drugs rather than acquiring older ones and raising their prices. On this news, Valeant shares fell by as much as $9.56, or more than 8%, during intra-day trading on October 26, 2015.

The complaint alleges that the defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Valeant had deficient internal controls, (2) Valeant had a relationship with a network of specialty pharmacies used to boost Valeant’s sales of its high-priced drugs, (3) the use of specialty pharmacies left Valeant vulnerable to increased regulatory risks, (4) Defendants were under government scrutiny for its financial assistance programs for patients, pricing decisions and the distribution of its products, (5) Valeant faced the risk of scrutiny over its price increases, (6) without using specialty pharmacies, Valeant’s financial performance would be negatively impacted, (7) without using specialty pharmacies, Valeant’s Class Period performance would have been negatively impacted, (8) Valeant’s true relationship with Philidor and the extent of that relationship, (9) Valeant controlled Philidor, (10) Valeant’s subsidiary KGA had a secured lien interest on Philidor’s ownership, (11) Defendants were engaged in a scheme to manipulate Valeant’s stock price, and (12) as a result, Valeant’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you purchased Valeant securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151026006355/en/

Glancy Prongay & Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

[email protected]

www.glancylaw.com

Source: Glancy Prongay & Murray LLP

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