Court Tosses Securities Fraud Charges Against ICN

Law360, New York (June 21, 2006, 12:00 AM EDT) -- In a turnaround for ICN Pharmaceuticals, a federal appeals court has affirmed a lower court’s dismissal of securities fraud allegations brought in a class action more than two years ago, even as the company’s ousted founder has filed his own suit accusing his successors of intentionally driving down stock prices.

A group of investors originally filed the charges in 2003, alleging that top executives of ICN Pharmaceuticals (now Valeant Pharmaceuticals)—including its contentious former leader, Milan Panic—artificially inflated the company’s earnings through methods such as channel stuffing...
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