Tuesday, 24 November 2015
Last updated 3 hours ago
Mar 18 2011 | 12:19pm ET
One-time hedge fund nemesis Valeant Pharmaceuticals continues to dig its way out of the mess it made as Biovail Corp.
The Canadian company this week settled Securities and Exchange Commission charges of accounting fraud at Biovail, four months after paying US$10 million to settle a countersuit filed by SAC Capital Advisors. Biovail, which bought Valeant last year, had accused SAC and others of conspiring to drive down its stock price.
Four years ago, Biovail settled another lawsuit stemming from its bookkeeping misdeed, paying $138 million to angry shareholders that accused it of doing the opposite of what it said SAC did: making false statements to buoy its stock price.
According to the SEC, Biovail and four of its current or former executives repeatedly overstated earnings and tried to hide losses from 2001 to 2003.
Former Biovail CFO Brian Crombie remains a defendant in the case; former CEO Eugene Melnyk settled for $150,000 last month without admitting any wrongdoing.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…