OTTAWA: Canadian drugmaker Valeant Pharmaceuticals International Inc’s share price plunged nearly 50 percent on Tuesday after it warned it was at risk of a debt default and slashed its earnings forecast.
Valeant, already under fire for its pricing and accounting practices, said in a securities filing that bondholders can deliver a notice of default if the drugmaker fails to submit its annual 10-K report to the US Securities and Exchange Commission within 60 days.
The 10-K report was due on Tuesday, but a filing within 60 days would “cure the default,” Valeant said.
