Valeant’s ad hoc committee closes chapter on Philidor controversy
Valeant (NYSE: VRX) has announced that the ad hoc committee of the board of directors has finished its review of various Philidor and related accounting matters and now considers the matter complete.
The company has indicated that the committee did not identify any additional items that would require restatements beyond those required “by matters previously disclosed.”
This ad hoc committee has now been dissolved, with the remaining work associated with the completion of the company’s current and restated financial statements and disclosures, as well as its assessment of related internal controls and remediation matters, will now be in the remit of the 12 independent directors on Valeant’s board.
Robert Ingram, chairman of the board and chair of the ad hoc committee, says: “We appreciate the efforts of the ad hoc committee and its independent advisors over the past five months. After conducting more than 70 interviews and reviewing over one million documents, the ad hoc committee has not identified any additional items requiring restatements beyond those matters previously disclosed.
“We believe it is appropriate to transfer responsibility for any continuing work to the board’s independent directors. We continue to work diligently and are on schedule to file our Form 10-K on or before April 29, 2016.”
Valeant’s problems with Philidor, among others, have been well documented in the last few months. The anticipated filing of their Form 10-K will be eagerly anticipated, as it is intended to give a comprehensive summary of the company’s financial performance. That April date falls the same week as the appearance of outgoing CEO, Michael Pearson, before a US Senate Aging Committee.
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