BRIEF-Valeant pharmaceuticals international inc initiates search for new CEO

Mon Mar 21, 2016 9:06am EDT
 
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March 21 (Reuters) - Valeant Pharmaceuticals International Inc

* Initiates search for new CEO

* William Ackman joins board of directors

* Valeant plans restatement based on previously announced misstatements

* explains circumstances that resulted in delay in filing of 10-k

* Identified misstatements to date that would reduce previously reported fiscal year 2014 revenue by about $58 million

* Board requested that former CFO Howard Schiller tender his resignation as a director, but Schiller has not done so

* Identified misstatements to date that would reduce previously reported fy 2014 basic and diluted eps by $.09

* Believes after giving effect to restatement, will have remained in compliance with financial maintenance covenants   Continued...