Valeant Pharmaceuticals Settles Securities Fraud Class Action for $1.21 Billion

Second Mega Settlement For 2020

Good news for those investors who purchased Valeant securities between January 4, 2013 and March 15, 2016. Plaintiffs and Valeant (now known as Bausch Health) have hammered out a $1.21 billion settlement. Settlement notices and claim forms are not yet available, but Chicago Clearing Corporation (CCC) will begin preparing claims for our clients as soon as they are. (This is the second mega-settlement, or settlement over $1 billion, so far for 2020. The other is American Realty Capital Properties, which settled for $1.025 billion.)  

What this case is about

In December 2015, plaintiffs filed a class action complaint alleging, among other things, that Valeant “made numerous false and misleading statements during the Class Period” and that they “formed a secret network of so-called specialty pharmacies to artificially inflate the sale of Valeant drugs using a variety of fraudulent practices.” You are not supposed to do that.

“As part of the Settlement,” notes Bausch Health’s press release announcing the settlement, “The Company and the other settling defendants admit no liability and deny all allegations of wrongdoing whatsoever.” So there.

How CCC Can Help

In a similar class action now pending in Canada, plaintiffs identified not only the common stock of Valeant but notes and debt as eligible securities. While the definitive list of securities eligible in this litigation will not be clear until the settlement notice appears, it is possible that an array of securities types will be also be eligible here. CCC can help you identify every last transaction and position for every account, and ensure that every eligible claim is submitted correctly and promptly. From the date we file the claim and through the distribution, we will communicate with the claims administrator to ensure your claim receives the compensation it deserves.

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