UBS Suspends Coverage Of Valeant Over Lack of Transparency
UBS’ Marc Goodman suspended coverage of Valeant Pharmaceuticals Intl Inc (NYSE: VRX), citing lack of transparency in the company’s financials and uncertainty over the timeline of the visibility.
Goodman believes that under these circumstances it is not practical to forecast the company’s financial results and maintain an investment opinion.
The stock was halted at $25.77 Monday morning, down more than 4 percent in the pre-market session. Around 9 a.m. ET, the company announced CEO successions plans and gave a financial business update. Check back soon for more.
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