Valeant boosts stock awards’ cost
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Valeant Pharmaceuticals International said Tuesday it was recording $31.1 million in additional expenses for stock-based compensation awards.
The Costa Mesa-based company, maker of an anti-nausea drug related chemically to marijuana, said in a regulatory filing that most of the awards were granted before a change in management and the board of directors in mid-2002.
Valeant said its financial statements for 2003, 2004 and 2005 were restated, as well as selected data for 2001 and 2002.
The company said the restatements were to record additional stock-based compensation expense, correct certain accounting errors and record related tax effects.
The company, formerly know as ICN Pharmaceuticals, began a review of its stock option practices following a request from the Securities Exchange Commission for data on the company’s stock option granting practices as part of an informal inquiry.
Shares of Valeant rose 40 cents, or 2.3%, to $17.52.
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