Valeant Shares Squeezed Higher As Ad Hoc Committee Closes Review, Finds No Added Issues

Shares of Valeant Pharmaceuticals Intl Inc VRX were trading higher by more than 9 percent after Tuesday's market open.

Valeant announced that an ad hoc committee of the board of directors concluded its review of various Philidor and related account matters. The committee stated it has not identified any additional items that would require restatements beyond what has already been disclosed.

Following the announcement, the ad hoc committee will now be dissolved and the members will assume oversight responsibility related to the completion of the company's current and restated financial statements and disclosures.

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Valeant expects to file its Form 10-K on or before April 29, 2016.

Robert Ingram, chairman of the board and chair of the Ad Hoc Committee stated, "We appreciate the efforts of the Ad Hoc Committee and its independent advisors over the past five months. After conducting more than 70 interviews and reviewing over one million documents, the Ad Hoc Committee has not identified any additional items requiring restatements beyond those matters previously disclosed. We believe it is appropriate to transfer responsibility for any continuing work to the Board's independent directors. We continue to work diligently and are on schedule to file our Form 10-K on or before April 29, 2016."

Shares traded recently at $28.25, up 8.2 percent.