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.