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Valeant Pharmaceuticals International Inc
Symbol C : VRX
Shares Issued 348,708,567
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Valeant ex Tanner appeals conviction, sentence

2018-12-05 10:45 ET - Street Wire

Also Street Wire (C-BHC) Bausch Health Companies Inc

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by Mike Caswell

Gary Tanner, the former Valeant Pharmaceuticals International Inc. executive convicted in New York for a $9.7-million kickback scheme, has filed an appeal. (All figures are in U.S. dollars.) He is appealing both his conviction and the one-year sentence that he is to begin serving in about a month. Prosecutors claimed that he engineered Valeant's ultimately disastrous $300-million acquisition of on-line pharmacy Philidor Rx Services LLC in 2014.

Mr. Tanner's appeal is contained in a brief notice that his lawyer filed on Nov. 30, 2018, in federal court in New York. The notice simply states Mr. Tanner is appealing, without providing any details. His lawyer undoubtedly has many angles in mind, however. Ahead of his sentencing, Mr. Tanner argued that the $9.7-million he received was not the outright theft that the government portrayed it as. He said that he believed he was entitled to the money and said that he did nothing to hide it. He reported the money to the government and paid taxes on it. Mr. Tanner also disagreed with the government's characterization of the money as a kickback payment. He said that he did nothing to cause Valeant to make a takeover offer for Philidor. As he saw things, the company's chief executive officer from the time was responsible for the transaction.

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