The lawsuit that kicked off all the Valeant drama has been settled

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…

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