Valeant completes accounting review, finds no new issues

AP News
Posted: Apr 05, 2016 11:12 AM

NEW YORK (AP) — Valeant said Tuesday that it has completed a review of its accounting and found no new problems.

Shares of the troubled Canadian drug company soared Tuesday morning.

Valeant is facing several problems, including federal probes into its accounting and business practices. Last month, the company said longtime CEO J. Michael Pearson was leaving the company once a successor is chosen.

On Tuesday, Valeant said its review found it won't have to restate any additional financial results beyond those previously disclosed.

The company has not released its annual financial results for 2015. Valeant said Tuesday that it intends to release them on or before April 29. If it does not release its results on time, it would put it in default with its lenders. Valeant asked its lenders last week for an extension to release the annual report at the end of May, but the company did not say Tuesday whether that request was approved.

U.S. shares of Valeant Pharmaceuticals International Inc. rose $2.63, or 10.1 percent, to $28.74 Tuesday morning. Its stock is down about 86 percent in the last 12 months.