The State Board of Administration, which oversees Florida’s investments, on Tuesday decided to pursue legal action against Valeant separately from a class-action lawsuit with other stockholders. The board believes Florida will be able to recoup a higher proportion of their losses by filing a separate lawsuit.
Valeant is accused of committing federal securities violations to mark up drug prices and artificially increase sales. The New York City-based law firm Bernstein Litowitz Berger & Grossmann said Florida’s $154 billion pension fund “incurred significant damages as a result of the fraudulent misrepresentations at Valeant” and identified at least $62 million in potential recoverable damages in a report to the state.
Lawyers plan to file the lawsuit in a federal court in New Jersey, where Valeant’s U.S. headquarters is located, according to the report.
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