| Company: | Bausch & Lomb, Inc. |
| Ticker Symbol: | NYSE: BOL |
| Class Period: | January 27, 2005 to December 22, 2005 |
| Date Filed: | Mar-13-06 |
| Lead Plaintiff Deadline: | May-10-06 |
| Court: | Southern District, NY |
| Allegations: |
A class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Bausch & Lomb, Inc. ("Bausch & Lomb") (NYSE:BOL) publicly traded securities during the period between January 27, 2005 and December 22, 2005 (the"Class Period").
The complaint charges Bausch & Lomb and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Bausch & Lomb engages in the development, manufacture, and marketing of eye health products.
The complaint alleges that during the Class Period, defendants made positive but false statements about Bausch & Lomb's results and business, while concealing material adverse information about the true nature of the Company's revenues, the lack of adequate internal controls and the underpayment of taxes resulting in tens of millions of dollars in penalties, which ultimately resulted in the restatement of the Company's financials over a period of five years.
On December 22, 2005, after the markets closed, the Company provided an update on an internal investigation related to its Brazil subsidiary and announced that it would restate its financial results for 2000 through the first half of 2005.
On this disclosure, Bausch & Lomb's stock price dropped to as low as $71.54 per share, a 9% decline from its close on December 22, 2005 - the equivalent of a $374 million market capitalization loss. However, according to the complaint, prior to these revelations of accounting fraud the Company's top officers and directors illegally reaped over $29 million in insider trading proceeds.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges Bausch & Lomb and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Bausch & Lomb engages in the development, manufacture, and marketing of eye health products.
The complaint alleges that during the Class Period, defendants made positive but false statements about Bausch & Lomb's results and business, while concealing material adverse information about the true nature of the Company's revenues, the lack of adequate internal controls and the underpayment of taxes resulting in tens of millions of dollars in penalties, which ultimately resulted in the restatement of the Company's financials over a period of five years.
On December 22, 2005, after the markets closed, the Company provided an update on an internal investigation related to its Brazil subsidiary and announced that it would restate its financial results for 2000 through the first half of 2005.
On this disclosure, Bausch & Lomb's stock price dropped to as low as $71.54 per share, a 9% decline from its close on December 22, 2005 - the equivalent of a $374 million market capitalization loss. However, according to the complaint, prior to these revelations of accounting fraud the Company's top officers and directors illegally reaped over $29 million in insider trading proceeds.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
