year: The Laval, Que.-based pharmaceutical company saw its stock tumble as it also cut its forecast for this year, saying it expects a weaker fourth quarter, according to The Toronto Star. Joseph Papa, who was brought in as CEO and chairman earlier this year to turn Valeant around, recited a litany of problems confronting what was once the most valuable company on the Toronto Stock Exchange. By Ross Marowits The Canadian Press Tues., Nov. 8, 2016 MONTREAL—Valeant shares hit a six-year low Tuesday after the embattled drug giant signalled that its financial performance will continue to deteriorate next year following a $1.22-billion loss in the third quarter and expectations of more red ink to come. We continue to need to address legacy issues, including negative press coverage, litigation and talent retention and severance, Papa told investors on a conference call. Article Continued Below He said some of the measures Valeant is taking include further investments in research and development as well as hiring new talent. In summary, we face some challenges, but we are taking specific actions that will put us on the right track.
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