The former chief financial officer and current board member of Valeant has denied the company’s accusation he engaged in improper conduct.
Howard Schiller, who was CFO from December 2011 to June, 2015, said in a statement on Monday that:
At no time did I engage in any improper conduct that relates to any restatement of revenue the Company is considering. In addition, at no time did I ever provide any incorrect information to the Audit and Risk Committee or the Company’s outside auditors regarding this accounting issue.
Earlier on Monday, Valeant said an internal investigation had concluded “the improper conduct” of Mr Schiller had resulted in the provision of incorrect information to the company’s auditors, and contributed to the misstatement of its results.
Mr Schiller, who served as interim chief executive while Michael Pearson was away on sick leave in recent months, has been asked by the company to resign from the board, but that he has not done so, Valeant said in a statement.
Mr Schiller said he “respectfully declined the request” to step down because he “did not engage in any improper conduct regarding this proposed restatement.”