From Bad To Worse: Valeant Investors Bail As Credibility Plunges

Investor allegiance to CEO Michael Pearson is fading; the company substantially reduced 2016 sales and earnings guidance just weeks after his return.

Just when it seemed like Valeant Pharmaceuticals International Inc.’s luster on Wall Street couldn’t fade further, it has. The company revealed March 15 that sales and earnings for 2016 will be substantially lower than previously forecast in December, even as it has yet to file finalized 2015 financials – at the risk of defaulting on its credit agreements.

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