: Valeant stock rose about 10 per cent from Monday close, gaining $10.19 to $114.35 at noon on the Toronto Stock Exchange, according to The Toronto Star. The stock had fallen more than $25 per share in the previous three sessions, including $12.84 on Monday amid concern that a financial restatement was in the works and its fourth-quarter results could be delayed. The Quebec-based company said late Monday that it should have recognized the revenue when the products were dispensed to patients, rather than when delivered to Philidor — an associated company that sold some Valeant drugs before the two companies parted ways last October. Valeant announced late Monday that a restatement of results will be required but said it would discuss unaudited fourth-quarter results next week. Valeant estimated the company 2014 earnings will be reduced by 10 cents per share, in U.S. currency, and 2015 earnings will be increased by nine cents per share compared with pre-restatement numbers. At least one analyst said that it could be costly for Valeant to fix its financial reporting systems but other analysts said the Philidor restatement itself is not a major concern.
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