INVESTOR DEADLINE NEXT WEEK: Bausch Health Companies Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
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Sep 19, 2023, 10:15 PM ET
SAN DIEGO, CA / ACCESSWIRE / September 19, 2023 / The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Bausch Health Companies Inc. (NYSE:BHC) securities between August 6, 2020 and May 3, 2023, all dates inclusive (the "Class Period") have until September 25, 2023 to seek appointment as lead plaintiff of the Bausch Health class action lawsuit. Captioned Kelk v. Bausch Health Companies Inc., No. 23-cv-03996 (D.N.J.), the Bausch Health class action lawsuit charges Bausch Health as well as certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Bausch Health class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Bausch Health is a pharmaceutical company known for its majority ownership of Bausch + Lomb Corporation ("B+L"). The Bausch Health class action lawsuit alleges that in 2016, Bausch Health was forced to replace its senior management and attempt to rebuild its reputation after it was revealed that it had engaged in one of the most egregious cases of securities fraud in U.S. history. Among other things, Bausch Health was forced to restate its financial statements, enter into a settlement with the U.S. Securities and Exchange Commission, and settle a class action with investors for a payment of more than $1.1 billion in November 2019, the complaint further alleges. On August 6, 2020, Bausch Health announced plans to spin-off B+L into its own publicly traded entity, the complaint further alleges. Bausch Health at the time said that the benefits of the spinoff included "improved strategic focus and enhanced financial transparency."
The Bausch Health class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the B+L spinoff would not result in two strong separate companies; (ii) without B+L, Bausch Health was left overly leveraged and without the cash flow generated by B+L; (iii) distribution of the B+L spinoff shares would not occur as represented; (iv) Bausch Health omitted and/or concealed the potential damages Bausch Health faced from securities fraud litigation; and (v) the spinoff was not intended to benefit Bausch Health shareholders but instead designed to subvert the securities fraud litigation plaintiffs' lawsuit against Bausch Health.
The Bausch Health class action lawsuit further alleges that on May 4, 2021, Bausch Health discussed the leverage ratios of both Bausch Health and B+L, revealing that B+L would be stronger financially than Bausch Health post-spinoff. Bausch Health also revealed that its CEO and CFO would be transitioning from Bausch Health to B+L. The Bausch Health class action lawsuit further alleges that on this news, the price of Bausch Health shares declined more than 11%.
The Bausch Health class action lawsuit further alleges that between May 6 and 10, 2022, B+L began trading and Bausch Health announced weak financial results for the first quarter of 2022. The complaint alleges that according to analysts, Bausch Health's earnings were indicative of additional delays for the distribution of B+L shares from the spinoff. The Bausch Health class action lawsuit alleges that on this news, the price of Bausch Health shares declined more than 41% over two trading sessions.
The Bausch Health class action lawsuit further alleges that between July 28 and 29, 2022, Bausch Health received negative news in connection with an ongoing litigation dispute over its use of the Xifaxan patent, which suggested that Bausch Health would have a shortened period of exclusive use and, in turn, face additional revenue shortfalls. The complaint alleges that this development indicated additional delay for the B+L spinoff share distribution. The Bausch Health class action lawsuit alleges that on this news, the price of Bausch Health shares declined nearly 47%.
The Bausch Health class action lawsuit further alleges that on May 4, 2023, Bausch Health announced negative earnings results for its first quarter of 2023, which indicated further delay of the B+L share distribution. The complaint alleges that according to analysts, the probability of a distribution was now less than 50% and, without any mention of it from Bausch Health's management, the likelihood of the distribution occurring in the near term was low. The Bausch Health class action lawsuit alleges that on this news, the price of Bausch Health shares declined more than 20%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Bausch Health securities during the Class Period to seek appointment as lead plaintiff of the Bausch Health class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Bausch Health class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Bausch Health class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Bausch Health class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 - the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs' firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Past results do not guarantee future outcomes.
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
SOURCE: Robbins Geller Rudman & Dowd LLP
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