February 22, 2016 / 10:35 PM / 2 years ago

BUZZ-Valeant Pharmaceuticals: May need to restate earnings - WSJ

(Updates)

** Embattled Canadian drugmaker’s U.S.-listed shares down 7.8 pct at $70.02 in extended trading

** Valeant may need to restate its earnings based on the results of an internal probe, the Wall Street Journal reported, citing people familiar with the matter (on.wsj.com/1mTGfcK)

** Potential revision to earnings may concern revenue from sales to distributor Philidor Rx Services

** Period in question is late 2014 and early 2015

** Company’s board has been meeting in recent days, but a decision on the potential revision hasn’t yet been finalized

** Valeant's U.S.-listed shares closed down 10.7 pct at $75.92 on Monday after it was reported interim CEO Howard Schiller used company's jet three times in past month with his family and friends to fly to a small regional airport in Montrose, Colorado near his Telluride ski-house (bit.ly/1oY1ls4)

** Up to Monday’s close, U.S. stock had fallen 62 pct over past 12 months

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