The Law Offices of Frank R. Cruz reminds investors of the upcoming September 25, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Bausch Health Companies Inc. (“Bausch” or the “Company”) (NYSE: BHC) securities between August 6, 2020 and May 3, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Bausch securities during the Class Period, you may move the Court no later than September 25, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.