03/31/2016 12:32 EDT | Updated 04/01/2017 01:12 EDT

Valeant senior officers and directors temporarily barred from trading shares

MONTREAL — Valeant Pharmaceuticals has secured a cease trading order from Quebec's securities watchdog that prevents directors and some senior officers from trading shares of the embattled pharmaceutical company.

The order granted by l'Autorite des marches financiers only applies to CEO Michael Pearson, the company's chief financial officer and all directors, including William Ackman of Pershing Square Capital.

The order, which doesn't affect anyone else, is to remain in place pending the company's filing of audited annual financial statements for 2015.

Valeant said in a statement that it has been working "diligently" on the issue and intends to make the required filings on or before April 29.

Despite its filing efforts, the Quebec-based company (TSX:VRX) has asked its lenders to give it until May 31 to file the report, known as Form 10-K.

The Canadian Press

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