Valeant Pharmaceuticals International, Inc. Securities Class Litigation
BlackRock Global Allocation Fund, Inc., et al. v. Valeant Pharmaceuticals International, Inc., et al., No. 3:18-CV-00343 (D.N.J.). Lieff Cabraser represented certain funds and accounts of institutional investor BlackRock in a direct (non-class) action against Valeant Pharmaceuticals International, Inc. (n/k/a Bausch Health Companies Inc.) and former senior executives for violations of the Securities Exchange Act of 1934 arising from a scheme to generate revenues through massive price increases for Valeant-branded drugs while concealing the truth of the company’s business operations, financial results, and other material facts. The court denied defendants’ partial motions to dismiss. In May 2023, the court-appointed special master issued reports and recommendations largely denying the parties’ respective motions for summary judgment and denying in full defendants’ motions to exclude the testimony of certain of plaintiffs’ experts. The court largely adopted the special master’s rulings. Lieff Cabraser also represented a number of BlackRock entities in substantively similar litigation in Canada against Valeant and several individual defendants. After fact and expert discovery were completed in both actions, they were settled in 2025 on favorable confidential terms.
