(RTTNews.com) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) announced its board has initiated a search to identify a candidate to succeed Michael Pearson as CEO. The company also announced William Ackman, CEO of Pershing Square Capital Management, L.P., will join its board, effective immediately. Katharine Stevenson voluntarily resigned from the Board to create a vacancy for Ackman's appointment.

Valeant Pharma said it has identified misstatements that would reduce previously reported fiscal year 2014 revenue by approximately $58 million, net income attributable to Valeant by approximately $33 million, and earnings per share by $0.09. The company has identified misstatements in the first quarter of 2015, consisting primarily of the reversing effect on earnings of the 2014 misstatements, which would reduce revenue by approximately $21 million, increase net income attributable to Valeant by approximately $24 million and increase earnings per share by $0.07.

The company said it is in the process of restating the affected financial statements and the restated financial statements will be included in the company's Annual Report on Form 10-K for the year ended December 31, 2015, which the company intends to file with the SEC and the Canadian Securities Regulators on or before April 29, 2016.