Minutes after we wrote about the curious absence of Valeant’s ad hoc committee from this morning’s press release severing ties with Philidor, Valeant(VRX) issued a second press release which confirms that the committee has not yet done anything.
the ad hoc committee appointed by Valeant’s board of directors has appointed former Deputy Attorney General of the United States Mark Filip of Kirkland & Ellis LLP to advise the committee in its review of allegations related to Valeant’s business relationship with Philidor and related matters.
“We are pleased to have someone with Mark’s distinguished qualifications advise our committee,” stated Robert Ingram, Valeant’s Lead Independent Director. “The committee will be meeting promptly to determine the work plan for its review in consultation with counsel.”
Four days after the committee was established, in the midst of a crisis for the company, they have finally hired an outsider to advise them, and only now, will they “meet promptly to determine the work plan”. Valeant is once again moving too slowly and allowing events to overtake them instead of getting in front of their problems and moving decisively forward.
Disclosure: The author holds a small short-dated, short position in Valeant