Navigation Links
Salix Pharmaceuticals Ltd. Investigated by Block & Leviton LLP After The Company Announces Resignation Of Its Chief Financial Officer And Reduced Financial Forecasts
Date:11/7/2014

BOSTON, Nov. 7, 2014 /PRNewswire/ -- Shares of Salix Pharmaceuticals Ltd. ("Salix" or the "Company") (NASDAQ:  SLXP) have plunged precipitously in early trading following the Company's announcement that Adam Derbyshire, Chief Financial Officer ("CFO") of the Company, has resigned, being replaced by Timothy Creech as Acting CFO. Early reports indicate that the resignation was related to an accounting scandal involving inventory levels of key gastrointestinal drugs, forcing a reduction in Salix's financial forecasts for the remainder of the year.

Salix is now forecasting product revenue for the remainder of 2014 of just $1.4 billion, $200 million less than its earlier estimates. Pro-forma earnings estimates have fallen from $6.16 per share in earlier guidance to $5.20 per share. These new estimates are being called into question by some investors and commentators, over a concern that the full extent of the accounting issues has yet to be uncovered.  In downgrading the stock, a Stifel analyst stated that "[W]e no longer have faith in SLXP's past demand or inventory calculations. Furthermore, lack of clarity on the pace of inventory work-down injects significant ambiguity in the numbers. We have lost confidence in our projection abilities."

Shares of Salix have plummeted on the news, dropping approximately 38% from the prior day's unaffected closing share price. The purported accounting violations have resulted in a loss of approximately $3.3 billion in market value to investors. 

Block & Leviton LLP is investigating the Company and certain of its officers and directors to determine how widespread any potential accounting violations extend and whether any insiders at the Company personally profited by the alleged accounting improprieties. 

If you purchased Salix securities prior to November 7, 2014, and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or at Steven@blockesq.com.  Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.

Block & Leviton is a Boston-based law firm representing investors for violations of securities laws.  The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years.

This notice may constitute attorney advertising. 

Contact:         
BLOCK & LEVITON LLP
Steven P. Harte
(617) 398-5600
Steven@blockesq.com


'/>"/>
SOURCE Block & Leviton LLP
Copyright©2014 PR Newswire.
All rights reserved

Related medicine technology :

1. Salix Pharmaceuticals Donates $500,000 To ASGEs IT&T Capital Campaign To Build A New State-of-the-Art GI Training Center
2. Salix Pharmaceuticals Commits $1.125M to AGA Research Foundation
3. New Breakthroughs Allow Companies to Expand their Reach - Research Report on Perrigo, Auxilium, Actavis, Mylan, and Salix
4. Conferences, Completed Acquisitions, and Stock Price Movements - Research Report on Ariad, Salix, Molina, Mednax, and Merrimack
5. Savient Pharmaceuticals to Hold First Quarter 2012 Financial Results Conference Call on Wednesday, May 9, 2012
6. Auxilium Pharmaceuticals to Present at the Deutsche Bank 37th Annual Healthcare Conference
7. Nouveau Life Pharmaceuticals (HRID) Contracts with U.S. Manufacturer to Produce New Female Supplement
8. BioElectronics Survey Indicates a Five-Fold Superior Pain Relief Compared to OTC Pharmaceuticals
9. Icahn Issues Statement Regarding Amylin Pharmaceuticals
10. Almost 50 Percent of the Glaucoma Patient Population Remains Untreated, Signifying a Vast Market for Glaucoma Pharmaceuticals, Finds Frost & Sullivan
11. Omthera Pharmaceuticals Announces Positive Top-Line Results from Phase 3 EVOLVE Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/17/2019)... Calif. (PRWEB) , ... July 17, 2019 , ... ... continues its rapid expansion with the addition of three new executive hires: CFO Adam ... of Software Engineering, Fernando Cruz (from Rappi, Inc., Apple, Inc.). , The new ...
(Date:7/17/2019)... ... July 17, 2019 , ... ... ®, the first wearable for urinary incontinence, will be highlighted at the ... on July 26, 2019. The Innovation Showcase recognizes startups with Japanese founders developing ...
(Date:7/17/2019)... ... ... 2019, Oklahoma Magazine named Whole Leaf as one of three Tulsa dispensaries awarded The Best ... its Best of the Best to help readers find the best the state of Oklahoma ... strains of marijuana with varying levels of THC, plus waxes and concentrates. This highly coveted ...
Breaking Medicine Technology:
(Date:7/18/2019)... ... July 18, 2019 , ... We are pleased to honor ... Monthly Super Doctor Rising Star ! Each year, Texas Monthly asks doctors ... their own medical care. The Super Doctors research team then investigates independently. Candidates ...
(Date:7/17/2019)... , ... July 17, 2019 , ... ... Eastern Kentucky University’s online Family Nurse Practitioner program. The honor is given to ... distance education. , The Catalyst Awards honor institutions from around the world ...
(Date:7/17/2019)... ... July 17, 2019 , ... ... options for human services providers worldwide, has been awarded a California Multiple Award ... the procurement process for state and local government agencies in California by designating ...
(Date:7/17/2019)... ... ... A medical home care program found that having a single accessible point ... seniors. While this may not sound surprising, a recent two year medical home pilot ... (BRI) uncovered several surprising outcomes based on a simple formatted healthcare delivery system. ...
(Date:7/13/2019)... Calif. (PRWEB) , ... July 12, 2019 , ... ... Spring Valley location in Clark County. The office is located at 5380 S. ... Spring Valley Hospital Medical Center. , The cancer center is equipped with state-of-the-art ...
Breaking Medicine News(10 mins):