Quebec Superior Court Grants Leave under Quebec Securities Act to California State Teachers’ Retirement System (CalSTRS) to Institute Proceedings against with Valeant Pharmaceuticals and Other Defendants

February 10, 2020 |

1 min read

On February 3, 2020, Québec’s Superior Court granted authorization (or leave) to CalSTRS to pursue a secondary market claim in connection with common shares issued by Bausch Health Companies Inc., formerly known as Valeant Pharmaceuticals International Inc. (“Valeant”) (TSX and NYSE: “VRX”) between February 28, 2013 and August 10, 2016 (the “Relevant Period”) under Title VIII, Chapter II, Division II of the Québec Securities Act (“QSA”).

MONTRÉAL, Feb. 10, 2020 /CNW Telbec/ - On February 3, 2020, Québec’s Superior Court granted authorization (or leave) to CalSTRS to pursue a secondary market claim in connection with common shares issued by Bausch Health Companies Inc., formerly known as Valeant Pharmaceuticals International Inc. (“Valeant”) (TSX and NYSE: “VRX”) between February 28, 2013 and August 10, 2016 (the “Relevant Period”) under Title VIII, Chapter II, Division II of the Québec Securities Act (“QSA”).

Leave under the QSA has been granted against Valeant, certain of its directors and officers during the Relevant Period namely: J. Michael Pearson, Howard B. Schiller, Robert L. Rosiello, Robert A. Ingram, Ronald H. Farmer, Theo Melas-Kyriazi, G. Mason Morfit, Laurence Paul, Robert N. Power, Norma A. Provencio, Lloyd M. Segal, Katharine B. Stevenson, Colleen Goggins, and Jeffrey W. Ubben, and Valeant’s insurers, AIG Insurance Company of Canada, Allianz Global Risks US Insurance Company, Everest Insurance Company of Canada, Royal & Sun Alliance Insurance Company of Canada, Temple Insurance Company, Xl Insurance Company SE, Chubb Insurance Company of Canada, Ironshore Canada Ltd., Liberty Mutual Insurance Company, and Lloyd’s Underwriters. Leave has also been granted against Valeant’s auditors during the Relevant Period, PricewaterhouseCoopers LLP.

The action is based on allegations that Valeant’s filings with securities regulators in Canada and the United States during the Relevant Period contained materially false or misleading statements. A copy of the Court’s judgment is available.

The Court’s decision grants the plaintiff leave to pursue claims under the QSA. Leave and authorization are procedural matters that define the form of the litigation. The action will now proceed toward trial. The Defendants dispute the claims asserted.

CalSTRS is represented by LCM Attorneys.