Valeant Pharmaceuticals International Inc. said Tuesday that its ad hoc committee has completed its review of the company’s relationship with specialty pharmacy Philidor and related accounting matters, and has not identified any items that would require additional restatements. The news sent the troubled drug company’s stock sharply higher in premarket trade. Valeant said it will now dissolve the ad hoc committee and pass oversight over to the 12 independent directors on its board, including members of its audit and risk committee. “As previously disclosed, the company intends to file its Form 10-K on or before April 29, 2016,” the company said in a statement. Valeant believes it will have remained in compliance with all of its covenants on its debt for each quarterly period for which it is currently preparing restatements. Shares were up 12% premarket, but are still down 74% in the year so far, while the S&P 500 is up 1.1%.
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