The troubled company Valeant Pharmaceuticals Intl Inc (NYSE:VRX) has received another notice of default from bondholders. The lenders gave a warning to the Canadian company it after failing to submit a public filing it has defaulted on certain debts.
Valeant Pharmaceuticals updated on the matter, saying it would file the documents for public filing with U.S. and Canadian regulators on or before June 10, ahead of a July 31 deadline.
The company found itself straggling to run operations after being under criticism from the U.S government and prosecutors for overpricing their drugs, and alleged misleading accounting and shady business practices. All this has caused Valeant share to drop more than 70% year to date, and about 88% in one year.
With all the trouble, Valeant is not completely dominated bad news. Valeant will report first quarter earnings on June 7th, and the company expects revenue to be between $2.3 billion and $2.4 billion and earnings to be between $1.30 and $1.55 per share.