scion
6 years ago
SEC Charges Salix Pharmaceuticals and Former CFO With Lying About Distribution Channel
SEC Complaint - Salix
https://www.sec.gov/litigation/complaints/2018/comp-pr2018-221-salix.pdf
SEC Complaint - Derbyshire
https://www.sec.gov/litigation/complaints/2018/comp-pr2018-221-derbyshire.pdf
FOR IMMEDIATE RELEASE
2018-221
Washington D.C., Sept. 28, 2018 —
The Securities and Exchange Commission today charged Salix Pharmaceuticals Ltd. and its former CFO with repeatedly misleading analysts and investors about the company’s future prospects. The former CFO, Adam Derbyshire, will pay more than $1 million to settle the charges.
According to the SEC’s complaint, Salix and Derbyshire lied to analysts and investors during quarterly earnings calls by significantly understating the amount of Salix drugs that wholesaler customers held in inventory. Salix had engaged in a long-standing practice of flooding the distribution channel by using incentives to induce customers to purchase more products, creating a short-term revenue bump but excess supply that imperiled future sales. The complaint alleges that Salix and Derbyshire also failed to disclose in SEC reports that the practice had impacted earnings and presented a significant risk to Salix investors. Salix is now a subsidiary of Bausch Health Companies, which was previously known as Valeant Pharmaceuticals International. The alleged misconduct occurred prior to Salix’s acquisition by Valeant.
“The settlement with Salix reflects the company’s self-report to the Commission and its significant cooperation with the investigation,” said David Frohlich, Assistant Director in the SEC’s Enforcement Division. “Salix’s proactive remediation included conducting an extensive internal investigation that led to Derbyshire’s resignation.”
To settle the charges, Salix agreed to be enjoined from future violations of the antifraud and corporate reporting provisions of the federal securities laws. The proposed settlement is subject to district court approval.
Derbyshire agreed to a permanent injunction against violations of the antifraud provisions and from aiding and abetting violations of the corporate reporting provisions. He also agreed to pay $558,534 in disgorgement and interest plus a penalty of $494,836, and to be barred for five years from serving as an officer or director of a public company. The proposed settlement is subject to court approval. Derbyshire separately agreed to be suspended from appearing and practicing before the SEC as an accountant, which includes not participating in the financial reporting or audits of public companies. Derbyshire would be permitted to apply for reinstatement after five years.
The SEC’s investigation was conducted by Michelle Bougdanos and Nicholas Margida with assistance from James Smith, Christian Schultz, and Matthew Scarlato. The case was supervised by David Frohlich.
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https://www.sec.gov/news/press-release/2018-221
jimmybob
10 years ago
Valeant confirms acquiring Salix for $158 per share
Valeant Pharmaceuticals International (VRX) and Salix Pharmaceuticals (SLXP) announced that they have entered into a definitive agreement under which Valeant will acquire all of the outstanding common stock of Salix for $158 per share in cash, or a total enterprise value of approximately $14.5B. The transaction was approved by the Boards of Directors of both companies. Salix Pharmaceuticals is a widely recognized gastrointestinal market leader with a portfolio of 22 total products, including well-known prescription brands Xifaxan, Uceris, Relistor, and Apriso, as well as a strong near- term pipeline of innovative, new assets. "Salix's market-leading gastrointestinal franchise is an ideal strategic fit for Valeant's diversified portfolio of specialty products," said J. Michael Pearson, Valeant's chairman and CEO. "The growing GI market has attractive fundamentals, and Salix has a portfolio of terrific products that are outpacing the market in terms of volume growth and a promising near-term pipeline of innovative products. With strong brand recognition among specialist GI prescribers, a highly rated specialty sales force, and a significant product and commercial presence across the undertreated and underserved gastrointestinal market, this acquisition offers a compelling opportunity for Valeant to create a strong platform for growth and business development." The combination is expected to yield greater than $500M in annual cost savings from the cost base of the combined company. Synergies are expected to be achieved within six months of close, primarily from reductions in corporate overhead and R&D rationalization, with the cost to achieve these synergies to be approximately 65%. Valeant and Salix will determine how best to integrate the two companies to leverage the combined strengths of both while ensuring a smooth and orderly transition. Consistent with Valeant's approach to integrating Bausch + Lomb, there are no planned reductions to Salix's highly rated specialty sales forces or hospital, key account and field reimbursement teams and we will determine the optimal size of Primary Care Sales Force through the integration process.The acquisition is structured as an all-cash tender offer for all of the outstanding shares of Salix common stock at a price of $158 per share followed by a merger in which each remaining untendered share of Salix common stock would be converted into the right to receive the same $158 cash per share consideration as in the tender offer. The all-cash offer will be financed through a combination of bank debt and bonds. As a result of the need to draw down inventories, EBITDA will be artificially low in 2014 and 2015, resulting in the initial net leverage ratio of approximately 5.6. Valeant is committed to reducing its net leverage ratio to be below 4.0 by the second half of 2016. As a result of the plan to reduce wholesaler inventory levels in 2015, the transaction is expected to be modestly accretive to 2015 cash EPS, but over 20% accretive to 2016 cash EPS. Valeant does not expect any change to its credit ratings as a result of the transaction. The transaction, which is expected to close in the second quarter of 2015, is subject to customary closing conditions and regulatory approval.
stocktrademan
10 years ago
$SLXP DD Notes ~ http://www.ddnotesmaker.com/SLXP
bullish
quick trade
$SLXP recent news/filings
## source: finance.yahoo.com
Wed, 24 Dec 2014 23:02:30 GMT ~ Nasdaq stocks posting largest percentage decreases
[AP] - A look at the 10 biggest percentage decliners on Nasdaq at the close of trading: Ohr Pharmaceutical fell 32.1 percent to $7.74. Web.com Inc. fell 19.9 percent to $27.70. Aemetis Inc. fell 12.5 percent ...
read full: http://sg.finance.yahoo.com/news/nasdaq-stocks-posting-largest-percentage-220242625--finance.html
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Wed, 24 Dec 2014 22:04:00 GMT ~ DEADLINE ALERT: Rigrodsky & Long, P.A. Reminds Shareholders Of Salix Pharmaceuticals, Ltd. Of Upcoming Deadline
[Business Wire] - Rigrodsky & Long, P.A.:
read full: http://finance.yahoo.com/news/deadline-alert-rigrodsky-long-p-220400625.html
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Thu, 18 Dec 2014 21:35:17 GMT ~ Salix Said to Get Sale Pressure as Reuters Reports Paulson Stake
read full: http://www.bloomberg.com/news/2014-12-18/salix-said-to-get-sale-pressure-as-reuters-reports-paulson-stake.html?cmpid=yhoo
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Thu, 18 Dec 2014 19:42:41 GMT ~ Credit Suisse Raises Salix Pharmaceuticals Price Target
read full: http://finance.yahoo.com/news/credit-suisse-raises-salix-pharmaceuticals-194241894.html
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Wed, 17 Dec 2014 13:30:00 GMT ~ Lieff Cabraser Reminds Salix Pharmaceuticals, Inc. Investors of January 6, 2015 Lead Plaintiff Deadline in Class Litigation - SLXP
[Business Wire] - The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds Salix Pharmaceuticals, Inc. investors of the January 6, 2015 deadline to move for appo
read full: http://finance.yahoo.com/news/lieff-cabraser-reminds-salix-pharmaceuticals-133000545.html
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$SLXP charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$SLXP company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/SLXP/company-info
Ticker: $SLXP
OTC Market Place: Not Available
CIK code: 0001009356
Company name: Salix Pharmaceuticals, Ltd.
Company website: http://www.salixltd.com
Incorporated In: DE, USA
$SLXP share structure
## source: otcmarkets.com
Market Value: $7,323,079,567 a/o Dec 24, 2014
Shares Outstanding: 63,723,282 a/o Nov 05, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$SLXP extra dd links
Company name: Salix Pharmaceuticals, Ltd.
Company website: http://www.salixltd.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=SLXP+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=SLXP+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=SLXP+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/SLXP/news - http://finance.yahoo.com/q/h?s=SLXP+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/SLXP/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/SLXP/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=SLXP+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/SLXP
DTCC (dtcc.com): http://search2.dtcc.com/?q=Salix+Pharmaceuticals%2C+Ltd.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Salix+Pharmaceuticals%2C+Ltd.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Salix+Pharmaceuticals%2C+Ltd.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.salixltd.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.salixltd.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.salixltd.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/SLXP
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001009356&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/SLXP/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/SLXP/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=SLXP&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=SLXP
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/SLXP/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=SLXP+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=SLXP+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=SLXP
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=SLXP
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=SLXP+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/SLXP/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=SLXP+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/SLXP.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=SLXP
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/SLXP/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/SLXP/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/SLXP
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/SLXP
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/SLXP:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=SLXP
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=SLXP
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