Defendant Name: Salix Pharmaceuticals, Ltd.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Bausch Health Companies, Inc.
SIC Code: 2834
CUSIP: 07173410

Initial Case Details

Legal Case Name SEC v. Salix Pharmaceuticals, LTD
First Document Date 28-Sep-2018
Initial Filing Format Civil Proceeding
Case Number 18-cv-08886
Allegation Type Issuer Reporting and Disclosure
Federal District Court New York, Southern District of New York

Violations Alleged

Exchange Act
Sec 10(b) + Rule 10b-5
Sec 13(a)
Rule 13a-13
Securities Act
Sec 17(a)(2)


First Resolution Date 28-Sep-2018

Related Documents:

comp-pr2018-221-salix 28-Sep-2018 Complaint
The Commission stated that: "As described above, during 2013 and 2014, Salix, directly or indirectly, used the means or instrumentalities of interstate commerce, or of the mails, or of the facilities of a national securities exchange, in connection with the purchase or sale of Salix securities, to knowingly or recklessly make untrue statements of material facts or omit to state material facts that were necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading in: a. Salix earnings calls in 2013 and 2014, and b. the Risk Factors and MD&A sections of Salix's quarterly Reports on Form 10-Q for the first and second quarters of 2014."
2018-221 28-Sep-2018 Press Release--Civil Action
SEC Charges Salix Pharmaceuticals with Lying about Distribution Channel
The Commission stated that: "The Securities and Exchange Commission today charged Salix Pharmaceuticals Ltd. and its former CFO with repeatedly misleading analysts and investors about the company's future prospects. The former CFO, Adam Derbyshire, will pay more than $1 million to settle the charges."
LR-24302 01-Oct-2018 Litigation Release
SEC Charges Salix Pharmaceuticals and Former CFO with Making False Statements About Distribution Channel
On October 1, 2018, the SEC issued a litigation release regarding proceedings against Salix Pharmaceuticals, Ltd., stating: "According to the SEC's complaints filed in U.S. District Court for the Southern District of New York, Salix and Derbyshire made false statements to analysts and investors during quarterly earnings calls by significantly understating the amount of Salix drugs that wholesaler customers held in inventory."
court_doc5_18-cv-08886 04-Apr-2019 Court Docket Document
Final Judgment as to Defendant Salix Pharmaceuticals, Ltd.
The Court stated: "The Securities and Exchange Commission having filed a Complaint and Defendant Salix Pharmaceuticals, Ltd. having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment".

Related Actions:

SEC v. Adam C. Derbyshire
In the Matter of Adam C. Derbyshire