Valeant In Breach Of Canadian Regulations

Shares of

hit a new 52-week low of $25.75 on Thursday after Canadian authorities said the company is in breach of regulations. Valeant Pharmaceuticals is based in Laval, Quebec. The provincial regulator, the Autorite Des Marches Financiers,

which stated the company has failed to meet deadlines for filing of various financial disclosures, including its annual report. The letter is addressed to Valeant's senior leadership, including recent Board addition and major shareholder, Bill Ackman. Since the company is in breach of regulations, many senior members of the company, including directors, CEO and CFO, are now forbidden from trading in the company's stock on the Toronto Stock Exchange for the next 15 days. The letter also stated that if Valeant does not file the necessary financial documents prior to April 15, the trading ban will be extended.