Valeant shares rise after accounts probe ends

Shares in troubled drugmaker Valeant Pharmaceuticals (TSX: VRX) have jumped by as much as 14% after a review of the company's accounting practices found no new items requiring additional restatements.

The Canadian company said it remained on schedule to file its annual report on or before April 29 and that it would be in compliance with all financial covenants in its credit facility.

Valeant said last week that it had asked its lenders for another month to file its annual report, seeking to reduce the risk of a default on its $30 billion debt if it missed the April 29 deadline.