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UPDATE 1-Valeant directors, CEO ordered to cease trading shares

Published 2016-03-31, 12:24 p/m
© Reuters. UPDATE 1-Valeant directors, CEO ordered to cease trading shares
PSON
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BHC
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(Adds details on order)
By Rod Nickel
March 31 (Reuters) - Valeant Pharmaceuticals (NYSE:VRX) International
Inc's VRX.TO directors and key officers have received a
cease-trade order by the securities regulator in the Canadian
province of Quebec, on the company's request, Valeant said on
Thursday.
In a separate statement, the Autorité Des Marches
Financiers (AMF) said the order takes effect Thursday and is in
place for 15 days. Included in the order are Chief Executive
Mike Pearson (LON:PSON) and Chief Financial Officer Robert Rosiello.
The company is largely run out of the United States, but it
is headquartered in Laval, a suburb of Montreal, Quebec. The
company is also incorporated in the western Canadian province of
British Columbia.
A spokesman for the British Columbia Securities Commission
did not immediately respond to a request for comment.
In a statement, Valeant said it asked AMF for the
cease-trade order, pending the filing of its 2015 audited
financial statements.
The cease-trade order technically applies only to Quebec,
but the practical effect of such orders in Canada, which does
not have a national securities regulator, is to stop trading
across the country, said Sylvain Theberge, spokesman for AMF, in
an email to Reuters.

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