Valeant Pharmaceuticals has settled its lawsuit with R&O Pharmacy, a pharmacy that was once a part of the drug maker’s specialty pharmacy network.
It was this lawsuit, when uncovered by short seller Andrew Left of Citron Research, that set off a fire storm for Valeant and sent its stock crashing.
The lawsuit forced the company to reveal that it had a secret network of pharmacies pushing its products around the country.
Valeant put the following statement about the settlement on its website:
LAVAL, Quebec, March 9, 2016 /PRNewswire/ — Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) and R&O Pharmacy, LLC (R&O) today announced that they have jointly requested the Court to dismiss the litigation between them pursuant to a confidential settlement agreement that resolves all claims between them. While the terms of the settlement are confidential, the resolution includes a payment by R&O to Valeant. As noted at the onset of the matter, Valeant firmly believes it acted appropriately and refutes any suggestion of wrongdoing.
More to come…