Valeant PharmaceuticalsInternational Inc.’s embattled Chief Executive Officer Mike Pearsontook a step to reassure his employees on Wednesday, saying ina memo to workers that the company won’t go bankrupt andapologizing for the recent turmoil.

The drugmaker’s shares plunged 51percent on Tuesday after Valeant cut its 2016 forecast, reportedweak preliminary fourth-quarter financial results and said itrisked breaching some of its debt agreements if it can’t file itsannual report in time. Pearson, who apologized for the company’smissteps during a two-hour conference call with analysts onTuesday, had just returned from a two-month medical leave.

Responding to concerns raised by employees that the companywas on the verge of bankruptcy, he said “I can assure you we arenot,” according to the e-mailed memo to employees viewed byBloomberg News. At issue is the delayed filing of Valeant’s 10-Kannual report to the U.S. Securities and Exchange Commission.Missing that deadline can result in a default on some of thecompany’s bonds and loans.