Finally, Valeant had some decent news and the stock is going off like a rocket

Valeant Pharmaceuticals has announced that its internal Ad-Hoc committee of board of directors - put together to dig through the troubled company's accounting - has completed its work.

The ad-hoc committee says that it found no more issues with the company's accounting beyond the $58 million misstatement that has forced it to delay its annual report.

The stock is up 17% in Tuesday's pre-market trading session.

Valeant's stock has been dogged since October, when accusations from a short seller and government scrutiny cast light on a previously undisclosed part of its business, a shady specialty pharmacy that it used to distribute drugs called Philidor.

Philidor was shut down in January, but the accounting issues it raised remained.

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