SAN DIEGO, July 31, 2023 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Bausch Health Companies Inc. (NYSE: BHC) securities between August 6, 2020 and May 3, 2023. Bausch, the successor entity of Valeant Pharmaceuticals International, Inc., is a pharmaceutical company known for its majority ownership of Bausch + Lomb Corporation (“B+L”).
For more information, submit a form, email Aaron Dumas, Jr., or give us a call at (800) 350-6003.
What is this Case About: Bausch Health Companies Inc. (BHC) Misled Investors Regarding the Benefits of its Spin Off of B+L to Avoid Paying Damages for Previous Fraudulent Activity
According to the complaint, in 2016, Bausch replaced its senior management and attempted to rebuild its reputation after it engaged in one of the most egregious cases of securities fraud in U.S. history, which resulted in a class action settlement of more than $1.1. billion to investors and $4.2 billion in individual opt-out claims.
On August 6, 2020, Bausch announced plans to spin-off B+L into its own publicly tradeable entity. Defendants at the time said that the benefits of the spinoff included “improved strategic focus and enhanced financial transparency.”
Defendants made similar statements about the spin-off throughout the class period. These statements were false and/or materially misleading. In truth, the spin-off was executed as part of a strategy to subvert the opt-out claims and leave the plaintiffs in those suits without any viable means to a potential recovery. Without B+L, Bausch was worth considerably less and, according to some analysts, potentially insolvent. Defendants’ actions with respect to B+L left Bausch shareholders with shares worth considerably less due in part to the fact that the Company no longer possesses one of its most valuable business segments, i.e., B+L.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Bausch Health Companies Inc. Shareholders who want to act as lead plaintiff for the class must file their motion with the court by September 25, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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