NEW ORLEANS, Nov. 20, 2015 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind fund managers and investors that they have until December 21, 2015 to file lead plaintiff applications in a securities class action lawsuit against Valeant Pharmaceuticals International, Inc. (NYSE: VRX) if they purchased the Company's securities between February 28, 2014 through October 21, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the District of New Jersey.
What You May Do
If you purchased shares of Valeant or are a fund manager, institutional or large individual investor, and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, including through a possible private action against Valeant, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 21, 2015.
About the Lawsuit
Valeant and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 14, 2015, Valeant reported that it was subpoenaed by U.S. prosecutors regarding its pricing decisions, drug distribution and patient assistance programs and that it had responded to a letter from Senator McCaskill concerning Valeant's drugs Nitropress and Isuprel.
Then, on October 21, 2015, Citron Research published a report alleging that Valeant is using pharmacies related to Philidor to store inventory and record the transactions as sales and "that Valeant/Philidor have created an entire network of phantom captive pharmacies" to create fake sales of drugs or to avoid scrutiny from auditors.
Following this news, the value of Valeant's shares has fallen from over $175 per share, prior to these adverse disclosures, to a two and a half year low of approximately $75.00 per share. As a result of this massive share decline, the investment of many funds, institutions and large investors have been decimated.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC