March 21, 2016 / 1:08 PM / a year ago

BRIEF-Valeant pharmaceuticals international inc initiates search for new CEO

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

* J. Michael Pearson to remain as CEO until successor is named

* Valeant plans restatement based on previously announced misstatements

* Ad hoc committee review of accounting and financial reporting matters nearing completion

* Pearson will continue to serve as CEO and a director until his replacement is appointed

* Identified misstatements in q1 of 2015 which would reduce revenue by approximately $21 million

* Identified misstatements in q1 of 2015 which would increase basic and diluted earnings per share by $.07

* To file form 10-k for year ended december 31, 2015 with sec, canadian securities regulators on or before April 29 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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