Valeant Pharmaceuticals International Inc.’s directors and key officers have received a cease-trade order by the securities regulator in the Canadian province of Quebec, on the company's request, Reuters reported yesterday. In a separate statement, the Autorité Des Marches Financiers (AMF) said the order against trading shares takes effect Thursday and is in place for 15 days. Included in the order are Chief Executive Mike Pearson, Chief Financial Officer Robert Rosiello and board member Bill Ackman. The order states that AMF intends to issue a new order if Valeant does not make filings by April 15. The delay in Valeant filing its annual report poses a risk of debt default, Valeant said March 15, generating new scrutiny of the much-criticized company. The company is largely run out of the United States, but it is headquartered in Laval, a suburb of Montreal, Quebec.
