October 23, 2015 / 1:06 PM / in 2 years

Class action lawsuit filed against Valeant

(Reuters) - A shareholder class action lawsuit was filed against Valeant Pharmaceuticals International Inc (VRX.N) (VRX.TO) after influential shortseller Citron Research alleged the Canadian drugmaker used specialty pharmacies to create “phantom sales”.

The company logo of Valeant Pharmaceuticals International Inc is seen at its headquarters in Laval, Quebec May 19, 2015. REUTERS/Christinne Muschi

Valeant shares have lost more than a quarter of their value since Citron published its report on Wednesday.

Valeant moved to reassure investors on Thursday by saying it would respond to the allegations on an investor call on Monday.

Robbins Geller Rudman & Fown LLP announced the lawsuit and seeks class action status on behalf of buyers of the company’s stock between Feb 23 to Oct 20.

(Corrects first paragraph and headline to show that one lawsuit has been filed, not two; drops reference to Goldberg Law in paragraph 4)

Reporting by Ankur Banerjee in Bengaluru; Editing by Anil D'Silva

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