April 5, 2016 / 1:42 PM / a year ago

BRIEF-Valeant ad hoc committee completes review of Philidor, related accounting matters

April 5 (Reuters) - Valeant Pharmaceuticals International Inc :

* Valeant Ad hoc committee announces completion of its review of Philidor and related accounting matters

* Board has determined to dissolve ad hoc committee

* Ad hoc committee announces completion of its review of Philidor and related accounting matters

* "Continue to work diligently and are on schedule to file our form 10-k on or before April 29, 2016"

* Ad hoc committee of board believes that its review of various Philidor and related accounting matters is complete

* Ad hoc committee not identified additional items that require restatements beyond those by matters disclosed

* In process of restating affected financial statements, restated financial statements will be included in company's form 10-K

* 12 independent directors will assume oversight responsibility for completion of current, restated financial statements, disclosures

* "Believe it is appropriate to transfer responsibility for any continuing work to board's independent directors"

* Believes after restatement, to remain in compliance with financial maintenance covenants in credit facility at end of each affected quarter Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below