Piper Jaffray analyst David Amsellem says the curing of senior notes default is the only piece of good news to come out of Valeant Pharmaceuticals' annual filing. The filing underscored not only the weaknesses across Valeant's U.S. segments, but also issues regarding businesses outside of America, the analyst tells investors in a research note. Many in the broader market before the filing assumed certain segments outside the U.S. were relatively healthy, Amsellem contends. "This underscores our view that there still are more troubling details about the business that could easily come to light," the analyst writes. He believes the board still does not have a "firm handle on the underlying health" of the business. Amsellem reiterates an Underweight rating on Valeant with a suspended price target.