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This is a class action against Valeant Pharmaceuticals International, Inc., its officers and directors, auditor, and underwriters which alleges that the company and certain of the company’s senior officers failed to disclose Valeant’s relationship with Philidor Rx Services LLC.
If you acquired Valeant securities, including shares or notes, between February 28, 2013 and November 12, 2015, please call 1-844-819-8502.
The class action plaintiffs are pleased to announce that a proposed settlement has been reached with Valeant Pharmaceuticals International, Inc., subject to court approval. A copy of the Long Form Notice is available here. A copy of the Settlement Agreement is available here. A copy of the Plan of Allocation is available here.
Further to the PWC settlement, the Consolidated Ontario action (Court File No. CV-15-541082-00CP) and the Sukenaga Ontario action (Court File No. CV-15-540567-00CP) have now been dismissed as against PwC with prejudice, the Statements of Claim have been amended and the actions have been discontinued as against the non-settling defendants without prejudice. The Consolidated Ontario and the Sukenega Actions are different in some ways from the Catucci Action which was authorized as a class proceeding and moving forward in Quebec. The Consolidated Ontario Action names an additional defendant, Laizer D. Kornwasser. The class periods in the Sukenaga and Consolidated Ontario Actions are longer in certain respects than the class period in the Catucci Action. Because of these differences, the discontinuances of the Consolidated Ontario and the Sukenega Actions may impact your rights. If you purchased Valeant securities between February 27, 2012 and February 28, 2013 or between October 27, 2015 and November 12, 2015, and held some or all of those securities at any point in time between October 19, 2015 and November 12, 2015, such securities are not included in the Catucci class action in Quebec and are no longer covered by the Ontario class actions. Similarly the Catucci class action does not name Laizer D. Kornwasser as a defendant. Therefore, the limitation periods to commence any such claims are not being tolled by the Ontario class actions and you may wish to seek legal advice and take steps to protect your rights. For further information, see the Notice available here, as well as the Order in the Sukenaga action – Dismissal, Amendment and Discontinuance (available here) and the Order in the Consolidated Ontario action – (available here).
The Quebec Superior Court approved the settlement with PricewaterhouseCoopers LLP (Order available here), as well as the legal fees (Order available here) and plan of allocation (Order available here).
The class action plaintiffs are pleased to announce that a proposed settlement has been reached with PricewaterhouseCoopers LLP, subject to court approval. A copy of the Long Form Notice is available here. A copy of the Settlement Agreement is available here. A copy of the Plan of Allocation is available here.
The parties are now entering the discovery phase of the litigation.
The defendants’ motions for leave to appeal were dismissed by Justice Mainville of the Quebec Court of Appeal. A copy of Justice Mainville’s decisions is available here.
The hearing for the defendants’ motion for leave to appeal has concluded. Justice Mainville of the Quebec Court of Appeal has reserved his decision.
The motion for leave to appeal the order certifying this action as a class proceeding will be heard by the Quebec Court of Appeal on November 22, 2017.
The defendants have sought leave to appeal the decision of Justice Chatelain. The motion for leave to appeal will be heard on November 22, 2017.
Leave to proceed with the claims under the Securities Act was granted by the Quebec Superior Court. A copy of the decision is available here.
The hearing before Justice Chantal Chatelaine for authorization and leave to proceed with statutory claims on behalf of purchasers on the secondary market has concluded. Justice Chatelaine has reserved her decision.
A Fresh as Amended Statement of Claim was filed in Ontario. A copy is available here.
A consortium of law firms has been formed between counsel in the various Ontario actions. The Ontario action has been consolidated with the other action filed against Valeant Pharmaceuticals International, Inc. in Ontario and the Statement of Claim has been amended. The Ontario Fresh as Amended Statement of Claim is available here. The consolidated claim in Ontario has been temporarily stayed pending further order of the court. A class action on behalf of investors in Valeant is proceeding in Quebec. The motion for certification and for leave to proceed with statutory claims under the Securities Act is scheduled for April 24-27, 2017.
Justice Perell granted carriage of the action to Koskie Minsky LLP and Sutts, Strosberg LLP. A copy of the decision is available here.
A second proposed class action against Valeant and others has been filed in Ontario. A carriage motion to determine which action filed in Ontario will proceed has been scheduled to be heard on April 8, 2016.
The plaintiff filed a notice of action, a copy of which is available here.
What is a class action?
A class action is a lawsuit which provides a method for a large group of people with common claims to join together to advance one large claim. Class actions are a more efficient and cost-effective way for groups of people with common claims to gain access to the legal system and seek justice.
What does certification mean?
In order for an action to proceed as a class action, the court must determine whether it is appropriate for the case to be treated as a class action. Some of the factors the courts consider are the extent to which the claims of the class members are common, and whether a class action is preferable to other methods (such as individual actions) of advancing the issues. The decision as to whether a class action should be certified takes place at a certification hearing and is decided by a judge. If certified, a representative plaintiff will advance the action on behalf of all of the class members.
How do I know if I am a Class Member?
The certification order will always contain a description of who is a class member. We post the certification orders in our actions so that you can review them. You do not need to “sign up” to become involved in a class action. If you are included in the class description, you are automatically a class member who will be affected by the outcome of the class action unless you decide to “opt out”.
Are Class Members notified of the certification of the class proceeding?
Yes. After the claim has been certified, the court will authorize notice to be given to the members of the class.
Can I opt out of a class action and pursue independent legal action?
Yes. When a class action is certified, class members are always given an opportunity to opt out of the action. A deadline is imposed for opting out. If you do not opt out by the given deadline, class members will be bound by the outcome of the class action, whether it is successful or unsuccessful. If you opt out, you will not receive any benefit if the action is successful.
Will there be any cost to class members for legal fees?
Typically, class actions are handled on a contingency fee basis, which means that the class action lawyers will be paid only if the class action is successful at trial or settled. In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds as approved by the court. In addition, the plaintiff may seek funding assistance from the Class Proceeding Fund which, if funding is granted, may provide funding for disbursements.
I still have questions…
Please feel to contact us by using the contact information on this site.
Tollfree: 1-844-819-8502
Email: valeantclassaction@kmlaw.ca
October 23, 2020
October 23, 2020
