Valeant Pharmaceuticals International Inc. has asked a New Jersey federal court to waive four securities fraud suits brought against it by institutional investors. The investors – including companies T. Rowe Price Growth Stock Fund Inc. – are seeking to recover damages for Valeant securities they say were purchased under false filings with the U.S. Securities and Exchange Commission.
Valeant Tries to Wavie Divergent Parts of Class Action Suit
The investors filing suit have many of the same allegations about Valeant’s business practices and undisclosed ties to a mail-order pharmacy that have been raised in a securities class action lawsuit against Valeant. As a result, Valeant is seeking to waive parts of the four lawsuits that diverge from the class action. The complaint by Valeant accuses the so-called Section 18 claims as overly generalized since the investors did not link purchases to statements in the filings.
The suits filed last year by the institutional investors are claiming that Valeant operated a “secret network” of pharmacies, used to fraudulently push high-priced generic drugs on patients. To hide the deception, Valeant allegedly lied to regulators and investors.
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