Valeant Pharmaceuticals Fail to File Timely10-Q Form Receive Default Notice

On Friday, Valeant Pharmaceuticals said it has received a default notice from two lenders. The company said it has defaulted on some debts following its failure to submit a public filing. That gives the troubled drug maker two months to make the matters right.

The company failed to file its first-quarter earnings statement which is also known as a 10-Q form, on time to the U. S. Securities and Exchange Commission.

According to terms of loan, the company gets sixty days from receiving the notice to file the 10-Q. Valeant got the notice on Thursday. The company restated its earlier statement that it will file the10-Q form before June 10.

It became difficult for Valeant to file its earnings at the appropriate time following the launch of an investigation by the company's board looking into past dealings with Philidor Rx Services, a mail-order pharmacy business which distributed its medications to the patients.

The company came under fire regarding its controversial price hikes and relation with Philidor. Investigations are also being carried on by the Federal prosecutors and the U. S. Securities and Exchange Commission.