Valeant shareholders vent frustrations at drugmaker's annual meeting

Representational photo.

Shareholders in Valeant Pharmaceuticals (TSX:VRX) used the company's annual general meeting Tuesday as a forum to vent their gripes with the struggling drugmaker.

Some stockholders told CEO Joseph Papa that they were unhappy with Valeant's low share price, insufficient response to negative media coverage and his predecessor's lawsuit against the company seeking extra compensation.

Their frustration came after Papa said Valeant is making progress to stabilize itself after nearly two years of challenges, including a stock price that has plummeted from nearly $350 on the Toronto Stock Exchange in August 2015 to about $14 early Tuesday morning.

Papa also said Valeant has made inroads to reduce its debt, adding that he doesn't believe its current share price reflects the efforts it has made to turn itself around.

Still, he said a proposal to change the company's name given the negative perception tarnishing it remains under consideration.