Valeant Guts Board as It Shifts Strategy, Attempts Fresh Start
- Internal control was not effective, Valeant said in filing
- New board members nominated; directors to get more involved
Valeant Changes Strategy, Overhauls Board
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Valeant Pharmaceuticals International Inc. attempted to put the worst of its problems behind it Friday, announcing a shakeup of its board and filing a long-awaited annual report where it promised significant changes to its strategy and better oversight of its executives.
It blamed senior managers for problems that have sent the stock down more than 80 percent since August and that put the company at risk of defaulting on its debt. By filing the annual report -- which was due in March -- Valeant comes into compliance with its credit agreements. The drugmaker also said expected no further financial restatements related to its 2014 and 2015 results, revisions to which were given in the filing.