OAKVILLE, ON, March 29, 2016 /CNW/ – Concordia Healthcare Corp. (“Concordia” or the “Company”) (NASDAQ: CXRX) (TSX: CXR), an international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs, today announced that it is providing information to correct inaccuracies and misstatements that appeared in a recent media report concerning its 2015 audited financial results.
The media report, citing an unnamed source, attributes a claim from a research provider that Concordia’s auditor, PricewaterhouseCoopers LLP is `looking closely at 4Q’. On March 23, 2016, PricewaterhouseCoopers completed Concordia’s fiscal 2015 audit, and provided an unqualified audit opinion that was disclosed on SEDAR, EDGAR and Concordia’s website.
The media report also states that Concordia could not be reached for comment. However, Concordia received no direct request to provide a comment prior to the report being published.
On March 23, 2016, Concordia announced fourth quarter and fiscal 2015 financial results that beat consensus revenue and adjusted EBITDA targets from 11 research analysts who cover the Company.
“We categorically deny the claims being made in the report and our independent auditors stand by our results,” said Mark Thompson, Founder, Chairman and Chief Executive Officer of Concordia. “Concordia has been the subject of an unrelenting and unscrupulous attack by a group of short sellers for several months. We will continue to monitor this situation and will act accordingly. However, we are extremely excited about the business we have built and the opportunity to deliver long-term shareholder value.”
“Concordia’s financial reporting follows best practices and is in line with the highest industry standards,” said Rochelle Fuhrmann, independent director and Chair of Concordia’s audit committee.