`
`https://www.forbes.com/sites/nathanvardi/2016/03/21/mike-pearson-is-o...
`
`/
`
`MAR 21, 2016 @ 09:46 AM
`
`5,402
`
`The Little Black Book of Billionaire Secrets
`
`Nathan Vardi, FORBES STAFF
`Following the money trail FULL BIO
`
`Mike Pearson, the former management consultant who built Valeant Pharmaceuticals, is
`on his way out as CEO amid more drama at the embattled drug company, Valeant
`announced on Monday.
`
`Gallery
`
`Launch Gallery
`9 images
`
`Valeant said it had initiated a search for a new chief executive officer and that Pearson, a
`former billionaire, will continue in the role until a replacement is found. In making the
`announcement, Valeant said that it had asked for the resignation of board member
`Howard Schiller, Valeant’s former chief financial officer, but that Schiller had refused to
`give up his board seat.
`
`Valeant said that the company's board, which has set up a committee to investigate the
`company’s dealings with a shuttered affiliated pharmacy, and its audit & risk committee
`revealed “improper conduct” of the company’s former chief financial officer that had
`resulted in the “provision of incorrect information to the committee and the company's
`auditors,” contributing to the misstatement of financial results. Valeant also said that it
`had “determined that the tone at the top of the organization and the performance-based
`environment at the company, where challenging targets were set and achieving those
`
`1 of 2
`
`10/30/2017, 4:15 PM
`
`Page 1 of 2
`
`ACRUX DDS PTY LTD. et al.
`
`EXHIBIT 1557
`
`IPR Petition for
`
`U.S. Patent No. 7,214,506
`
`
`
`Mike Pearson Is On His Way Out Of Valeant, Former CFO Refuses To L...
`
`https://www.forbes.com/sites/nathanvardi/2016/03/21/mike-pearson-is-o...
`
`targets was a key performance expectation, may have been contributing factors resulting
`in the company's improper revenue recognition.”
`
`Valeant said the financial misstatements that had been identified would reduce previously
`reported fiscal year 2014 revenue by $58 million, net income attributable to Valeant by
`$33 million, and basic and diluted earnings per share by 9 cents. A substantial part of the
`earnings impact would reverse in the first quarter of 2015, the company said. Valeant said
`its financial statement for 2014 and the first quarter of 2015 should no longer be relied
`upon and will be restated.
`
`Amid the new developments, Valeant announced that hedge fund billionaire Bill Ackman
`would be joining the board of directors of Valeant. Ackman’s Pershing Square Capital
`Management hedge fund is Valeant’s second-biggest shareholder with a 9% stake in the
`company. Pershing Square already has a board seat at Valeant, belonging to the hedge
`fund’s vice chairman, which it obtained recently. Pershing Square will now have two board
`seats at the company.
`
`Michael "Mike" Pearson, chief executive officer of Valeant Pharmaceuticals International Inc., Kevin Van Paassen/Bloomberg
`[-]
`
`Valeant’s announcement on Monday is yet another dramatic turning point at the company
`that has seen its stock price drop by some 90% since its August highs. Ackman has long
`been a public admirer of Pearson and lavished praise on the CEO as Ackman teamed up
`with Pearson on a takeover effort and later became a major shareholder in Valeant.
`
`2 of 2
`
`10/30/2017, 4:15 PM
`
`Page 2 of 2
`
`
Accessing this document will incur an additional charge of $.
After purchase, you can access this document again without charge.
Accept $ Charge
Still Working On It
This document is taking longer than usual to download. This can happen if we need to contact the court directly to obtain the document and their servers are running slowly.
Give it another minute or two to complete, and then try the refresh button.
A few More Minutes ... Still Working
It can take up to 5 minutes for us to download a document if the court servers are running slowly.
Thank you for your continued patience.
This document could not be displayed.
We could not find this document within its docket. Please go back to the docket page and check the link. If that does not work, go back to the docket and refresh it to pull the newest information.
Your account does not support viewing this document.
You need a Paid Account to view this document. Click here to change your account type.
Your account does not support viewing this document.
Set your membership
status to view this document.
With a Docket Alarm membership, you'll
get a whole lot more, including:
- Up-to-date information for this case.
- Email alerts whenever there is an update.
- Full text search for other cases.
- Get email alerts whenever a new case matches your search.
One Moment Please
The filing “” is large (MB) and is being downloaded.
Please refresh this page in a few minutes to see if the filing has been downloaded. The filing will also be emailed to you when the download completes.
Your document is on its way!
If you do not receive the document in five minutes, contact support at support@docketalarm.com.
Sealed Document
We are unable to display this document, it may be under a court ordered seal.
If you have proper credentials to access the file, you may proceed directly to the court's system using your government issued username and password.
Access Government Site
