Chris Lau
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Chris Lau in Value Stocks,

One Letter Explains Why Valeant Is Falling Today

Letter Q.


No filing?


No filing. Valeant Pharmaceuticals (VRX) disclosed that due to the resources spent on filing and restatements, the 10-Q will be delayed:

As a result of the concentration of resources on completing our restated financial statements included in the Form 10-K, as well as delays in completing our financial reporting for the quarter ended March 31, 2016, we are not able to file, without unreasonable effort or expense, our Form 10-Q for the quarter ended March 31, 2016 (the "Form 10-Q") within the prescribed time period. Valeant does not expect that it will be in a position to file the Form 10-Q within the 5-day extension period provided in Rule 12b-25(b). The Company is working diligently and intends to file the Form 10-Q as promptly as reasonably practicable.

Source: SEC 

Separately, U.S. Attorney's Office is probing contracts between drugmakers, PBMs. That is why Endo International (ENDP) is down. JNJ and MRK are being probed too.