BRIEF-Valeant says additional accounting adjustments that impact prior periods may be identified - SEC filing

Mon Mar 21, 2016 10:20am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

March 21 (Reuters) - Valeant Pharmaceuticals International Inc

* In connection with ad hoc committee's work, certain remediation actions have been recommended and are being implemented

* Placing company's former corporate controller on administrative leave

* Company is in process of implementing additional remedial measures.

* Possibility that additional accounting adjustments may be identified that further impact prior periods

* Committee determined tone at top of organization,performance-based environment may have been contributing factors resulting in improper revenue recognition

* Board determined deficient control environment would impact executive compensation decisions with respect to 2015 compensation for certain members

* While ad hoc committee believes it is nearing completion of review, it has not concluded work - SEC filing Source text - 1.usa.gov/1ScVZCT Further company coverage: [VRX.TO VRX.N]