Valeant May Need To Restate; Shares Continue To Plunge

Valeant Pharmaceuticals Intl Inc.
VRX
shares plunged nearly 9 percent in Monday's after-hours trading session following word the company may have to restate financial results. The potential restatement, according to sources, would come on the heels of a recent probe into the company's operations. As reported by Dow Jones during Monday's post-market trade, the periods in question span from late 2014 to early 2015. The DJ source suggested an issue in reporting results may have stemmed from accounting for sales to Philidor Rx, a recently troubled [insert two or three word description of what Philidor was] <-- I can't figure it out. Monday's after-hours move added to a nearly 11 percent decline in Valeant shares over the intraday session and a 10 percent plunge on Friday following a
scathing Wells Fargo research note
. With shares of Valeant last traded at $70.25, the stock is down more than 25 percent from the over-$100-level the issue started 2016.

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