BAUSCH HEALTH COMPANIES INC. SHAREHOLDER ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Bausch Health Companies Inc. (NYSE: BHC)
NEW YORK, July 27, 2023 /PRNewswire/ -- Bernstein Liebhard LLP:
- Do you, or did you, own securities of Bausch Health Companies Inc. (NYSE: BHC)?
- Did you purchase your securities between August 6, 2020 and May 3, 2023, inclusive?
- Did you lose money in your investment in Bausch Health Companies Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Bausch Health Companies Inc. ("Bausch" or the "Company") (NYSE: BHC) between August 6, 2020 and May 3, 2023, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the District of New Jersey and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased or acquired Bausch securities, and/or would like to discuss your legal rights and options please visit Bausch Health Companies Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
According to the Complaint, Bausch, the successor entity of Valeant Pharmaceuticals International, Inc., is a pharmaceutical company known for its majority ownership of Bausch + Lomb Corporation ("B+L"). B+L operates a successful eye health business consisting of Bausch + Lomb Vision Care, Surgical and Ophthalmic Pharmaceuticals products.
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." Joseph Papa, Bausch's former CEO, described the spinoff as "unlock[ing] what we see as unrecognized value in Bausch Health shares."
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Among other things, Defendants failed to disclose to investors that: 1) the B+L spinoff would not result in two strong separate companies; 2) without B+L, Bausch was left overly leveraged and without the cashflow generated by B+L; and 3) distribution of the B+L spinoff shares would not occur as represented; 4)
On May 4, 2023, Bausch announced negative earnings results for its first quarter of 2023, which indicated further delay of the B+L share distribution. According to analysts, the probability of a distribution was now less than 50% and, without any mention of it from management, the likelihood of it occurring in the near term was low.
On this news, Bausch's stock price fell $1.51 per share, or over 20%, to close at $5.89 per share on May 4, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than September 25, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Bausch securities, and/or would like to discuss your legal rights and options please visit Bausch Health Companies Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]
SOURCE Bernstein Liebhard LLP
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