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Valeant Pharmaceuticals worldwide Inc calls for SEC investigation into

"In light of the recent allegations made regarding Philidor, however, the Board of Directors has chose to establish an ad hoc committee of the board to review allegations related to the company's business relationship with Philidor and related matters".

Valeant fired back in a conference call with investors and analysts after the report by Citron Research, run by Andrew Left, hammered Valeant's stock last week.

Here's the full presentation.

It also questioned why Valeant had not previously disclosed the Philidor acquisition option.

Patel was involved with developing Philidor's "structures and processes" during the company's early days, according to a Valeant spokeswoman that spoke with the Journal.

Valeant unveiled last week during a conference call to discuss earnings that it had purchased an option late past year to buy Philidor. It also said it stands by Andy Davenport, the CEO of Philidor.

In other Valeant Pharmaceuticals Intl news, CFO Robert L. Rosiello bought 7,875 shares of the stock in a transaction that occurred on Friday, July 31st.

"The use of alternative names by workers at Philidor is one of a number of new details emerging about the relationship between Valeant and the network of specialty pharmacies it uses to distribute drugs", WSJ argued. Guggenheim reaffirmed a buy rating and set a $300.00 price target on shares of Valeant Pharmaceuticals Intl in a report on Friday, July 17th.

Valeant has said it properly accounts for sales through its pharmacy partners and only books revenue once one of its medicines reaches a patient. Pearson said information about anyone other than the big three is limited: "We don't know how much inventory there is in a few of the other distributors", he said, "because there were no agreements in place to tell us that". It is a model that delivers enormous benefits to both patients and physicians, because it helps ensure that patients get the treatments that doctors prescribe, Pearson said. They asked if Valeant would still consider spinning off part of its business (Pearson said he had to focus on other things right now).

This press release may contain forward-looking statements, including, but not limited to, statements regarding the establishment of the ad hoc committee of the board of directors and the committee's objective and composition, the company's compliance with applicable law and the actions the company will take for violation of such laws. He added that he was demonstrating his confidence in the company by staying on the board.

A spokeswoman for Valeant declined to comment.

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