Siskinds LLP (“Siskinds”) is co-counsel in proposed securities class actions against Valeant Pharmaceuticals International, Inc. (“Valeant”), certain of its directors and officers, and its auditor PricewaterhouseCoopers LLP (“PwC”). These class actions arise from the circumstances surrounding Valeant’s previously undisclosed relationships with Philidor Rx Services, LLC and other specialty pharmacies in the conduct of its business in the United States.
In October 2015, Siskinds’ Quebec affiliate law firm, Siskinds Desmeules, filed a securities class action against Valeant and certain other defendants.
Developments
By Order dated October 6, 2020, the Quebec Superior Court approved the form, content and mode of publication of the Notice of Settlement. The Settlement Approval hearing has been scheduled for November 16, 2020. For more information, consult the notices below:
Order Authorizing Class for Settlement
Schedule A Settlement Agreement
Schedule B Short Form Notice (EN & FR)
Schedule C Long Form Notice (EN & FR)
Plan of Allocation (EN)
Plan of Allocation (FR)
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On November 12, 2019, the Quebec Superior Court approved the Settlement, the Plan of Allocation, and the fees and disbursements of Class Counsel. The Settlement requires that the parallel actions in Ontario and British Columbia be dismissed as against PwC and discontinued as against the other defendants before it becomes final. The Superior Court of Justice for Ontario granted an order dismissing the claim against PwC and discontinuing the balance of the claim on December 5, 2019. The parallel action in British Columbia has been dismissed against PwC and the balance of the claim discontinued. For more information, please view the following documents:
Notice of Discontinuance of Class Actions in Ontario (regarding PwC Settlement) (English)
Judgment Approving Settlement Agreement with PwC, dated November 12, 2019
Judgment Approving Class Counsel Fees, dated November 12, 2019
Judgment Approving the PwC Settlement Agreement Fund Plan of Allocation, dated November 12, 2019
Litigation is continuing against the other defendants. Examination of the defendants began in 2020, but are suspended because of COVID-19.
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On April 20, 2018, the class action plaintiffs issued the Authorization (Certification) Notice pursuant to an order of Justice Chatelain of the Quebec Court dated April 6, 2018. The Authorization (Certification) Notice contains important information regarding this class action. If you acquired Valeant’s securities between February 28, 2013 and October 26, 2015, you should review the Authorization (Certification) Notice as it may affect your legal rights. The Authorization (Certification) Notice is available here (in English) and here (in French).
On November 30, 2017, the Court of Appeal for Quebec dismissed the application brought by the defendants for leave to commence an appeal from the authorization order of the Honourable Justice Chatelain. Accordingly, the authorization order became final.
On October 25, 2017, further to the Order of Justice Chantal Chatelain authorizing the class action, the class action plaintiffs filed the judicial application originating class proceeding.
On August 29, 2017, Québec’s Superior Court granted authorization (or leave under the Québec Securities Act) to commence a secondary market shareholder class action against Valeant, Valeant’s current or former directors or officers J. Michael Pearson, Howard B. Schiller, Robert L. Rosiello, Robert A. Ingram, Ronald H. Farmer, Theo Melas-Kyriazi, G. Mason Morfit, Laurence Paul, Robert N. Power, Norma A. Provencio, Lloyd M. Segal, Katharine B. Stevenson, Fred Hassan, Colleen Goggins, Anders O. Lonner and Jeffrey W. Ubben, and Valeant’s auditors, PricewaterhouseCoopers LLP. The Court’s judgment and order is available here. In accordance with the Québec Securities Act, the class action plaintiffs have issued press releases regarding the Court’s granting of leave, which are available here (English) and here (French).
FAQs
What is a Class Action?
A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Such people are commonly referenced as “class members.” Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
Do I have to pay anything to participate in the class action?
No. Class members do not incur costs in connection with the class action. Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action on behalf of the class members. In certifying the lawsuit as a class action, the court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions). After the court certifies the lawsuit as a class action, usually notices will be disseminated to the class members. These notices will advise the class members that the lawsuit has been certified, and they will also set out the issues that the court will be asked to determine on behalf of the class members. At this stage, the court will also fix a time period during which the class members may exclude themselves from the class action lawsuit by filing an opt-out form. Class members who do not opt from the class action by the deadline that will be fixed by the court will be bound by the outcome of the class action.
What should I do to protect my rights?
To protect your rights, you should:
- Keep records of any acquisitions, purchases and sales of the common shares or other securities of Valeant.
- Register with Siskinds in order to receive updates about the class action by filling out the form below. By submitting your information to Siskinds you do not retain Siskinds as your lawyers, nor do you incur costs in connection with this class action.
- While the class action is pending, notices will be disseminated to the class members advising that they should take certain steps by specific deadlines in order to preserve their rights. This information will also be made available on Siskinds’ website. These deadlines will usually be fixed by the courts, and will need to be adhered with in order to protect your rights.
I still have a question. Who should I contact?
If you have any other questions, please complete the contact form below.
Documents
Notice of Discontinuance of Class Actions in Ontario (regarding PwC Settlement) (English)
Judgment Approving Settlement Agreement with PwC, dated November 12, 2019
Judgment Approving Class Counsel Fees, dated November 12, 2019
Judgment Approving the PwC Settlement Agreement Fund Plan of Allocation, dated November 12, 2019
Settlement Agreement with PricewaterhouseCoopers LLP ("PwC")
Plan of Allocation (PwC Settlement) (English)
Plan of Allocation (PwC Settlement) (French)
Long-form Certification Notice (English)
Long-form Certification Notice (French)
Judicial Application Originating Class Proceedings, dated October 25, 2017