RADNOR, Pa., March 14 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Bausch & Lomb, Inc. (“Bausch & Lomb” or the “Company”) between January 27, 2005 and December 22, 2005, inclusive (the “Class Period”).
If you wish to discuss this action or have any questions concerning this notice, your rights, or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges Bausch & Lomb, Ronald L. Zarrella, Stephen C. McCluski, John M. Loughlin, Dwain L. Hahs, Angela J. Panzarella, Robert B. Stiles, Kamal Sarbadhikari, Geoffrey F. Ide and William H. Waltrip with violations of the Securities Exchange Act of 1934. Bausch & Lomb engages in the development, manufacture, and marketing of eye health products. The company offers its products in five product categories: contact lens, lens care, pharmaceuticals, cataract and vitreoretinal, and refractive. The Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company’s Brazilian subsidiary engaged in fraudulent management and accounting practices, which resulted in tax assessments against the Company by Brazilian authorities; (2) that the Company’s Korean subsidiary engaged in improper sales practices, thereby causing Bausch & Lomb to improperly recognize revenue from such sales; (3) that the Company lacked adequate internal controls; (4) that the Company’s financial results were materially inflated at all relevant times; and (5) that the Company’s financial results were in violation of Generally Accepted Accounting Principals (“GAAP”).
On October 26, 2005, Bausch & Lomb announced that the Company’s Audit Committee of the Board of Directors (the “Audit Committee”) commenced an independent investigation into allegations of misconduct by the management of the Company’s Brazilian subsidiary, BL Industria Otica Ltda. (“BLIO”). The Audit Committee determined that the general manager, the controller and other employees of the Brazilian subsidiary engaged in improper management and accounting practices. On this news, shares of Bausch & Lomb fell $2.74 per share, or 3.7 percent, to close, on October 27, 2005 at $71.36 per share.
On December 22, 2005, Bausch & Lomb provided investors with an update of its investigation into allegations of improper conduct by management of its Brazilian subsidiary and tax assessments against BLIO by Brazilian taxing authorities. The Company had concluded that certain prior-period financial statements will be required to be restated. In addition, the Company had preliminarily identified a material weakness in its controls over financial reporting. Bausch & Lomb also announced that the Audit Committee had commenced an independent investigation into revenue recognition practices in its Korean subsidiary. On this news, shares of Bausch & Lomb fell $7.07 per share, or 8.94 percent, on December 23, 2005, to close at $72.00 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than May 12, 2006, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP Darren J. Check, Esquire Richard A. Maniskas, Esquire 280 King of Prussia Road Radnor, PA 19087 1-800-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at info@sbclasslaw.com
Schiffrin & Barroway, LLP
CONTACT: Darren J. Check, Esquire or Richard A. Maniskas, Esquire, both ofSchiffrin & Barroway, LLP, +1-800-299-7706, +1-610-667-7706 orinfo@sbclasslaw.com
Web site: http://www.sbclasslaw.com//
