Valeant / Salix Pharmaceuticals unit - SEC Investigation Update

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This report provides a summary of relevant data and documents we received in response to Freedom of Information Act (FOIA) requests we filed on this company. If we alert you to existence of an undisclosed SEC probe, that means we filed a FOIA request with the SEC on the company in question and have a response, in black-and-white, on government letterhead that supports our statement. Where history is available, we present it below so you can compare it to company disclosures, where relevant, as well as our most recent data. Other interpretative guidance and disclosures appear below.

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Notes: The SEC did not disclose the details on investigations referenced above. The SEC reminds us that its assertion of the law enforcement exemption should not be construed as an indication by the Commission or its staff that any violations of law have occurred with respect to any person, entity, or security.  New SEC investigative activity could theoretically begin or end after the date covered by this latest information which would not be reflected here.

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