TORONTO, Sept. 30, 2024 /CNW/ - Berger Montague (Canada) PC, a Toronto-based law firm that focuses on representing investors in cross-border shareholder disputes, has expanded its investigation of Bausch Health Companies, Inc. (TSX: BHC).
During 2020, BHC (formerly Valeant Pharmaceuticals International) announced that it had settled shareholder class actions in Canada and the United States for over $1 billion dollars. Concurrently, it also reported that it was aware of investors that opted out of the class action to pursue their individual claims but never disclosed the identification of the investors or the quantum of their damages ("Opt Out Litigation"). It also announced that it was spinning-out Bausch + Lomb Corporation.
Investors that purchased BHC's securities listed on the New York Stock Exchange filed a lawsuit against BHC alleging that BHC was engaging in a fraudulent transfer of assets in order to avoid paying the investors that advanced the Opt Out Litigation; this dispute continues ("B+L Litigation").
On May 2, 2022, BHC reported that there were 21 members of the Opt Out Litigation, plus 6 members litigating claims in Ontario and Quebec, Canada. While BHC always knew the identification of these investors and the quantum of their damages, i.e., as reflected in the class action opt out forms, it negligently omitted these material facts from its quarterly reports so as to allow investors to understand the accurate scope of risk in investing in BHC. Upon investigation the financial exposure is measured into the billions of dollars; which BHC and institutional investors likely knew for years. The price and value of BHC's shares dropped from $12.03 to $9.42 within the Securities Act ten (10) look-back period. On August 1, 2024, the price and value of BHC's shares dropped further from $8.47 to $7.20; because the Company recognized its duty to disclose all material facts within its MD&A relating to the Opt-Out Litigation.
If you purchased shares of Bausch Health Companies, Inc. between May 2, 2022 and August 1, 2024, and would like to know more about our investigation or have information to share, please contact us at Canadainfo@bm.net.
Berger Montague (Canada) PC is one of the leading Canadian law firms that represent investors in shareholder class actions involving Canadian companies that list their securities on stock exchanges located in Canada, Germany, and the United States.
SOURCE Berger Montague (Canada) PC
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