Valeant drama continues
The pharmaceutical giant is going to be a focus today. Shares are halted for the announcement.
- 2015 misstatements cut revenue by $21 million and boosted EPS by 7-cents
- 2014 misstatements cut revenue by $58 million and EPC by 9-cents
- To restate earnings, note improper conduct by CFO
- Asked former CFO to leave board, he refused
- Bill Ackman named to board
- Full press release
Scandals like Valeant are why people hate the stock market. So many lies, financial irregularities and inside info.
The company had said it was going to restate earnings so the changes to profitability might not be a shock but it will definitely be a shareholder lawsuit.
