{ "docId": "019dd923-622c-750b-8b9d-5bbf2c91b5c4", "docSlug": "839c06ad1c27", "documentTitle": "Valeant Pharmaceuticals International (VRX)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2015-10-21 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "pageCount": 8, "prevPage": 4, "nextPage": 6, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "This is a page from a short-seller research report (Citron Research) targeting Valeant Pharmaceuticals.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9d-5bbf2c91b5c4/5", "deckHref": "/decks/019dd923-622c-750b-8b9d-5bbf2c91b5c4", "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-5bbf2c91b5c4.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-5bbf2c91b5c4#slide-5", "components": [ { "bbox": null, "kind": "callout", "text": "Citron believes it is merely for the purpose of phantom sales or stuff the channel, and avoid scrutiny from the auditors.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14d8-75c0-8c93-0f5a4ee51f6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.5, "x": 0.11, "y": 0.16 }, "kind": "list", "text": "http://westwilshirepharma.com/downloads/ww_npp.pdf\nhttp://saferxpharma.com/downloads/saferx_npp.pdf\nhttp://orbitpharmacy.com/downloads/orbit_npp.pdf", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d393a602-8c1b-44ef-9d20-d324b1d9901b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "And as if this isn't enough, it appears to Citron that Valeant/Philidor have created an entire network of phantom captive pharmacies ... the same privacy notice appears on several other \"ghost ship\" putative pharmacy websites.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "140431bf-ffdd-47b0-bf46-f8ef6cb54eee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.69 }, "kind": "paragraph", "text": "These similarities are too close to ignore. Does everyone remember during the Allergan takeover battle, when Allergan chose the words \"house of cards\" ? Look at the following similarities between statements by Valeant and those of Enron:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3251b25f-a487-4032-83e6-68037799c5c9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "paragraph", "text": "It is apparent to Citron that Valeant has created a network of \"pharmacies\" as clones of Philidor. Why do these exist? Citron believes it is merely for the purpose of phantom sales or stuff the channel, and avoid scrutiny from the auditors.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5c9c5ed0-f40e-4119-8454-9d4b632b026d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "Let us not forget that the head of the Valeant audit committee is Norma Provencio. Mrs. Provencio herself was a director of Signalife which was run by now convicted stock fraudster Mitchell Stein. She was in fact his close associate for years -- information now conveniently omitted from her biography. Mrs. Provencio's integrity was first challenged by Bronte Capital in this posting you should read for yourself. Now the relevance of its full context becomes clear.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d66fd688-7da5-44f9-86ae-226ad5290b7f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.25 }, "kind": "paragraph", "text": "Oh, and as by mere coincidence, these all have the same Privacy Officer contact phone number: (855) 815-7688. And these domains were all registered on the same day! [ Click Here to See them all ]", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f6e0e0c3-8beb-4643-8eba-cc38a4180972", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "title", "text": "How Can This Be, Citron ? Doesn't the Head of the Audit Committee have Any Responsibility Here?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f63d16c-50c8-41e0-9e44-102e5d9b05c7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.11, "y": 0.65 }, "kind": "title", "text": "Is this Enron part Deux??", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc63f58d-0314-433d-8e8c-6e47ff5355bb", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "from": 3, "beatId": "4ae2007e-94c8-4629-918a-6139bd346d3d", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document presents a series of contradictions and coincidences that suggest a connection between Valeant and Philidor Rx Services and R&O Pharmacy", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }