Valeant Pharmaceuticals International, Inc. (TSX: VRX, NYSE: VRX, FRA: BVF, BMV: VRXN, SIX: VRX)

Superior Court of Quebec, Court File No.: 540-17-011743159

For more information about this action, or to obtain a copy of the most recent statement of claim, please contact the Firm at

On October 26, 2015, Morganti & Co. with Faguy & Co. issued the first claim across Canada.  Subsequently, we teamed up with Siskinds LLP, Rochon Genova LLP, and others to advance, perhaps, the largest shareholder class action claim ever advanced under the statutory secondary market laws.

This securities class action relates to Valeant Pharmaceuticals publishing core documents and making other statements containing misrepresentations regarding: (1) its policies and accounting practices in relation to the acquisition of new corporate entities; (2) its relationship with speciality pharmacies such as Philidor RX Services LLC and the business practices of those specialty pharmacies; and (3) its policies and accounting practices in relation to the recognition of revenue.

On August 27, 2017, the Plaintiff’s Motion for Authorization was heard and granted, which the Court of Appeal denied the Defendants’ motion to appeal.  Since mid-2018, the parties have been engaged in discovery reviewing several hundred thousand pages of documents relevant to the claims.

Claim or Motion for Authorization issued:  October 26, 2015 (Quebec) and November 16, 2015 (Ontario)

Class Period: February 28, 2013 to October 26, 2015

Trial Readiness Date: April 17, 2020

Shareholders’ Canadian Counsel:  Andrew J. Morganti, Morganti & Co., and Shawn Faguy, Faguy & Co., with a larger syndicate of Canadian Counsel being Siskinds LLP and Joel Rochon Genova LLP

Corporate Defendants’ Canadian Counsel: Osler, Hoskin & Harcourt LLP

Defendant Howard B. Schiller’s Canadian Counsel: Bennett Jones LLP

Auditor Defendant’s Canadian Counsel: Fasken Martineau DuMoulin LLP

Underwriter Defendant’s Canadian Counsel: Torys LLP

Corporate Defendants’ U.S. or European Counsel:  Paul C. Curnin, Simpson Thacher & Bartlett, LLP; and Eric T. Vissichelli, McCarter & English, LLP