Valeant, a pharmaceutical company better known for impressive feats of corporate chicanery that are in no way related to developing drugs, says that its ad-hoc review committee checked out its accounting and determined that everything's a-okay.
Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today announced that the ad hoc committee of the board of directors (the "Ad Hoc Committee") believes that its review of various Philidor and related accounting matters is complete, and that it has not identified any additional items that would require restatements beyond those required by matters previously disclosed.
That review included "more than 70 interviews and reviewing over one million documents," according to Robert Ingram, chairman of the board and chair of the Ad Hoc Committee. There is still the smaller matter of filing their 2015 10-K and refiling its 2014 10-K:
The company says it “intends to file its Form 10-K on or before April 29, 2016”, however Valeant must also restate the quarterly financial statements from 2014 and 2015 affected by the adjustments it already announced and include those restated financial statements in the company’s 2015 10-K.
Valeant is also working on a restatement and re-audit of all of 2014, after those financial statements were said by the company on March 21 to be “not to be relied on” as a result of the Philidor related errors.
I amend my earlier statement that Valeant would be "would rank near the top" of the worst busy season 2016: It is very much at the top.