VRX insiders asked for the ban! In a statement, Valeant said it asked AMF for the cease-trade order, pending the filing of its 2015 audited financial statements.
"The company is working diligently and intends to make the required filings on or before April 29, 2016," Valeant said.
The cease-trade order technically applies only to Quebec, but the practical effect of such orders in Canada, which does not have a national securities regulator, is to stop trading across the country, said Sylvain Theberge, spokesman for AMF, in an email to Reuters.
The persons affected have undertaken not to trade anywhere, including the United States, he said.
Theberge said Valeant is not under active investigation by AMF, but has been under "verification," since October. He declined to elaborate.