Valeant takes Allergan's 'false and misleading statements' to Quebec and US financial regulators

In the latest in an ongoing  takeover attempt of Allergan (NYSE: AGN) by Canadian company Valeant (NYSE: VRX), Valeant has contacted financial authorities in both Quebec and the USA regarding Allergan’s apparent attempt to mislead investors and manipulate the market.

Valeant claims the latest misleading statements came last Friday, as Allergan falsely asserted in a US Securities and Exchange Commission filing that Bausch + Lomb’s pharmaceutical sales were stagnant or in decline. It says that, contrary to Allergan’s assertions, Bausch + Lomb’s global prescription pharma business grew approximately 6% in the second quarter of 2014, while the US prescription pharma business grew 17% on the same period last year.

Michael Pearson, chairman and chief executive of Valeant, said: “We can no longer tolerate unjustified attacks on Valeant's business and strongly believe we are obligated to take action to protect Valeant shareholders from Allergan's apparent attempts to mislead investors and manipulate the market for Valeant stock. With our continued success with Bausch + Lomb, we believe that the Bausch + Lomb transaction is a perfect blueprint for our proposed merger with Allergan.”