BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Bausch Health Companies Inc. (“Bausch” or the “Company”) (NYSE: BHC) securities between August 6, 2020 and May 3, 2023, inclusive (the “Class Period”). Bausch investors have until September 25, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Bausch investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On May 4, 2023, Bausch released its first quarter 2023 financial results, revealing negative earnings, indicating further delay of its B+L spinoff share distribution, which had been originally scheduled for May 2022. Analysts claimed that the probability of a distribution was now less than 50% and unlikely to occur in the near term.
On this news, Bausch’s stock price fell $1.51, or 25.3%, to close at $5.89 per share on May 4, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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; (3) distribution of the B+L spinoff shares would not occur as represented; (4) the above statements omitted and/or concealed the potential damages Bausch faced from the Opt-Out Plaintiffs; (5) the spinoff was not intended to benefit Bausch shareholders but instead designed to subvert the Opt-Out Plaintiffs’ lawsuit against the company; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Bausch securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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