Valeant “Kitchen Sink”: CEO Out, Ackman In, Throws Ex-Goldman CFO Under The Bus, Warns Of Potential Default

from Zero Hedge

The news is out.. and it’s disappointing..

  • Initiates Search for New CEO; J. Michael Pearson to Remain as CEO Until Successor is Named
  • William A. Ackman Joins Board of Directors; Katharine B. Stevenson Steps Down from Boar
  • Ad Hoc Committee Review of Accounting and Financial Reporting Matters Nearing Completion
  • Valeant Plans Restatement Based on Previously Announced Misstatements
  • Valeant Explains Circumstances that Resulted in Delay in the Filing of 10-K
  • *VALEANT:REQUESTED SCHILLER TENDER RESIGNATION AS A DIRECTOR
  • *VALEANT: MISTATEMENTS WOULD REDUCE ’14 EPS BY 9C
  • *VALEANT FOUND MISTATEMENTS THAT CUT REPORTED ’14 REV BY $58M

As we detailed earlier:

In the pre-open, Valeant shares were trading down 4.5% before being halted – news pending. We assume this will not be great news… maybe related to the waiver expected to come from lenders or is Anbang bottom-fishing in Biotechs?

Continue Reading at ZeroHedge.com…