PwC Can't Shed City's Claim In Valeant Securities Suit

By Jeannie O'Sullivan (September 21, 2021, 8:12 PM EDT) -- A New Jersey federal judge on Tuesday refused to free PricewaterhouseCoopers from the remainder of a long-running securities lawsuit brought by investors of the former Valeant Pharmaceuticals International Inc., reasoning that an Arizona city and its pension fund met the pleading requirements for its stock-drop claim.

U.S. District Judge Michael A. Shipp overruled PwC's objection to a special master's report and recommendation in favor of the city of Tucson and the Tucson Supplemental Retirement System, rejecting the accounting giant's argument that the Tucson plaintiffs didn't plead the damages required to support their allegation.

PwC — the only defendant left in multidistrict...

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