March 21 (Reuters) - Valeant Pharmaceuticals (NYSE:VRX) International
Inc VRX.TO
* Initiates search for new CEO
* William Ackman joins board of directors
* Valeant plans restatement based on previously announced
misstatements
* explains circumstances that resulted in delay in filing
of 10-k
* Identified misstatements to date that would reduce
previously reported fiscal year 2014 revenue by about $58
million
* Board requested that former CFO Howard Schiller tender his
resignation as a director, but Schiller has not done so
* Identified misstatements to date that would reduce
previously reported fy 2014 basic and diluted eps by $.09
* Believes after giving effect to restatement, will have
remained in compliance with financial maintenance covenants
* J. Michael Pearson (LON:PSON) to remain as CEO until successor is
named
* Valeant plans restatement based on previously announced
misstatements
* Ad hoc committee review of accounting and financial
reporting matters nearing completion
* Pearson will continue to serve as CEO and a director until
his replacement is appointed
* Identified misstatements in q1 of 2015 which would reduce
revenue by approximately $21 million
* Identified misstatements in q1 of 2015 which would
increase basic and diluted earnings per share by $.07
* To file form 10-k for year ended december 31, 2015 with
sec, canadian securities regulators on or before April 29
Source text for Eikon: ID:nCNW6qdCZa
Further company coverage: VRX.TO
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