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Strategies & Market Trends : Option Granting Practices and exploits -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (94)	12/15/2006 7:36:20 PM
From: RockyBalboa	Respond to of 165

VRX: Valeant Receives Default Notice Thursday December 14, 6:16 pm ET Bank of New York Warns Valeant Pharmaceuticals of Default Over Late SEC Filing NEW YORK (AP) -- Valeant Pharmaceuticals International said late Thursday The Bank of New York sent it a default notice, citing the company's failure to file its last quarterly report with the Securities and Exchange Commission. The notice, disclosed in a filing with the Securities and Exchange Commission, pertains to the company's 3 percent convertible notes due 2010. The unpaid principal amount of the notes is $240 million. In November Standard & Poor's lowered its corporate credit rating on the company to 'B+' from 'BB-' on profit concerns. It is also on negative CreditWatch because of its failure to file its third-quarter results. The delay in filing comes as the SEC investigates the company for possible backdating of stock options. The practice is not illegal, but can be if the company does not disclose it to investors. Shares of Valeant rose 22 cents to close at $17.12 on the New York Stock Exchange