Valeant Pharma: Former CEO Michael Pearson Trims Ownership Position In Company

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) said the company's former chief executive officer, Michael Pearson, remains a significant shareholder with more than 3.5 million shares. However, Pearson exercised and sold options representing approximately 4.4 million shares, which would expire within the next 12 months, and sold approximately 411,000 shares of common stock in June and July to satisfy tax obligations with respect to the 2015 margin sale conducted by Goldman Sachs, and for additional liquidity.

Michael Pearson, said: "While I trimmed my ownership position for personal reasons, I plan on holding my remaining shares until the company recovers and returns to being traded on fundamentals."

"Mike's personal stock transactions are not a reflection of the ongoing viability of Valeant. Next week, the hard work of our R&D team will result in three significant regulatory events related to brodalumab, latanoprostene bunod and Relistor Oral," stated Joseph Papa, chairman and CEO.