Valeant Not On Verge Of Bankruptcy, CEO Tells Staff

Law360, New York (March 18, 2016, 7:44 PM EDT) -- Valeant Pharmaceuticals International Inc.'s CEO on Wednesday sought to reassure employees one day after the Canadian drugmaker's stock nosedived when it sharply cut its earnings guidance for the coming year and warned of a potential bondholder default notice trigger, saying the company is not on the verge of bankruptcy.

In a message to Valeant workers, CEO Mike Pearson said while some have expressed concern over whether Valeant is on the verge of bankruptcy, "I can assure you we are not."

The company, which has a reported...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.