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VRX Halted Down 40%, Issues Statement, Says "Citron's Report Is Erroneous"
Valeant Pharma is halted for the 4th time today, this time for news pending, as the stock has lost 40% of its value since the open.
The recent bounce, on what David Faber said may be the company buying back stock, just fizzed:
VRX Headlines:
- VALEANT: ALL PHILIDOR SHIPMENTS NOT RECORDED IN TOTAL NET REV
- VALEANT:NO SALES BENEFIT FROM ANY INVENTORY HELD AT SPECIALTIES
- VRX: INVENTORY AT PHILIDOR INCLUDED IN INVENTORY BALANCES
- VALEANT: TIMING OF REV RECOGNITION VIA PHILIDOR IS 'DELAYED'
- VALEANT SAYS $69M SHIPPED BY VALEANT TO R&O NOT RECORDED REV.
Nomura says - do not worry...
- VALEANT PHILIDOR CONCERN LIKELY MISINFORMATION, NOMURA SAYS
But the rest of the Biotech world is in full panic denial mode...
- HORIZON PHARMA DOESN'T OWN/HOLD STAKE IN SPECIALTY PHARMACIES
- ALLERGAN: NO OWNERSHIP OR AFFILIATION W/ ANY SPECIALTY PHARMACY
- ENDO’S USE OF SPECIALTY PHARMACY IS ‘LIMITED,’ RBC SAYS
Who can blame them.
And here, finally, is the long overdue Valeant Statement, in which the company says the Citron report is "erroneous":
Valeant Pharmaceuticals Responds To Erroneous Report
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today responded to recent accusations made regarding its financial reporting and operations.
- Philidor Rx Services is a pharmacy licensed in Pennsylvania and also provides back-end services, including call center, claims adjudication, IT and logistics support, as well as compliance/HIPPA regulation guidance, to other pharmacies, including R&O Pharmacy. This includes a common call center phone number serviced by Philidor for the Philidor network pharmacies.
- All shipments to Philidor and other pharmacies in the Philidor pharmacy network, including R&O, are not recorded in Valeant's consolidated net revenue. Sales are recorded only when the product is dispensed to the patient. All sales to Philidor and Philidor network pharmacies are accounted for as intercompany sales and are eliminated in consolidation. They are not included in the consolidated financial results that Valeant reports externally.
- Any inventory at pharmacies in the Philidor pharmacy network are included in Valeant's consolidated inventory balances – there is no sales benefit from any inventory held at these specialty pharmacies and inventory held at the Philidor network pharmacies is reflected in Valeant's reported inventory levels.
- The $69 million at wholesaler acquisition cost of products shipped by Valeant to R&O were not recorded as revenue to Valeant when shipped to R&O. When R&O dispensed those products Valeant recognized the net realized amount due from patients and payors (approximately $25 million) and reduced the associated inventory from Valeant's balance sheet. In this case, we estimate the net amount of revenue for the $69 million at WAC would be approximately $25 million.
- The timing of our revenue recognition by selling through the Philidor pharmacy network is actually delayed when compared to selling through the traditional wholesaler channel.
Will this be enough to stop the bleeding, both in the Valeant market cap and Bill Ackman's AUM? Find out in moments when the company is unhalted.
For now, with VRX still halted, traders are bidding IBB higher on hope this "denial" stems the carnage...
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Canada's Enron!
Bring it on!
BTFD........It will NEVER fail you.....buy buy buy
Valeant claims Citron's report is a lemon...
BlowHorn: " Valeant well off the lows..." lol
Dead cat bounce
somehow, somewhere there has to be a link to Ackman
https://www.youtube.com/watch?v=sO_QntXc-c4
:)
Ok, enough showboating. back to work everyone.
I like My Canary medium well with a strong Cabernet.
Good choice, the cabernet covers the coal dust.
Now the question that must not be asked is "whose holding the shit paper?"....
What?
Some Poor maple syrup eating, slap shotting, birchbark asswiping, beaver eating, seal clubbing motherfucker didnt have enough Loonys to cover the co-pay?
Eh?
I resemble that remark, in it's entirety.
I fail to understand why this is an issue. After spending years watching this casino circus in action, it seems the ultimate in hypocrisy to point out fraud as any reason to discount stock prices. I mean, what up with that?
agreed--but maybe this is the start of waking the masses to the fraud and ponzi of the equity markets that they "invest in" for their retirement. Or we just go back up and continue the charade a while longer.
Halt will be forever and nobody settles.
Might as well go for a soda:
https://www.youtube.com/watch?v=MXnTbmPxv5g
reverse pump n dump? a "dip & grip", "short & snort", "plunge & gorge", "drop & hop", "dump & jump", "fry & buy", "fear & spear"?
if fed can't drive the market any higher I think we've just found wall st's business model for next decade!
Sell & yell.
Cramer says buy at $200. Am I too late?
http://www.thestreet.com/story/13055068/1/jim-cramer-says-investors-shou...
Yeah, too late.
You were waiting to see what Gartman was going to recommend, weren't you?
BUY NOW
Go to zero.
if you buy at a 40% discount and it goes back up the trade will be busted. if it keeps going down the trade will stand. this market is a no win scenario except for those connected few.
Trades only busted if Goldman is on the other side of your trade.. Wish I could get my losing trades busted too..
Look at that pig rip higher. Shorts late to the game are getting their assholes ripped.
Yaaa, shorbusters have pretty big joints.
Ackman got a good ass drilling today ! Down $1.3B so far motherfuckers.
WTF!!!!
When trading, hope is not a plan. It is worse than nothing...
http://lawrieongold.com/2015/10/21/russian-central-bank-accumulates-another-34-2-tonnes-of-gold/
Russia continues to amass more gold in its reserves with the purchase of another 34.2 tonnes in September, bringing its total to around 1,353 tonnes – or around 13% of its total foreign exchange reserve figure. This is Russia’s second highest monthly total purchase in six years and represents yet another indicator of its continuing desire to downplay the significance of the U.S. dollar holding in its overall forex reserve make-up.
Bill of Rights, is there a way to know price per/oz?
And as Pirrong points out, the central bank can pay for that gold in rubles meaning that it can simply print the money to boost those reserves."
What a nasty, nasty game.
No because there is NO way to know what ANY cetral bank actually buys or sells. Period.
FYI. Central bank holding of gold to include buys and sells are some of the most top secret information on this planet. This because, the central banks don't want anyone front running their fiscal policy or letting other soverigens know exactly what their central bank policy is so that they can't be gamed.
Beware ANY second,third,fourth party "company" telling you exactly what a central bank is doing re gold. It should be considered complete bullshit.
---
However transparency in the reporting of global gold holdings can be obscure – even for those like China and Russia which are reporting month by month official changes. Most of the gold holders in the table above as the central banks of the countries concerned do not allow audits of their gold holdings and many have reported zero change for a number of years.
Is this like Dick Fuld saying he's going to burn the shorts?
Another Lehman moment?
vrx could be legit, Citron does not do research just talking their book.
Another fraud out of Quebec, Canada, the mafia and bike gang capital of North America.
How could that be??? I don't get it!!!
VRX is now down only 15% after having been off as much as 40%.
Beware the 3:30 ramp. booooooohahahahahaahahahahahahahahahahahahahaha
Anyone who lost today can join class action lawsuit to recover loss https://steinmeyerlaw.com/valeant-pharmaceuticals-vrx/