LAVAL, QC, Aug. 5, 2020 /PRNewswire/ -- Bausch Health
Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company"),
today announced that the parties in the Canadian securities class
action (Cattuci et al. v. Valeant Pharmaceuticals International
Inc. et. al., Court File No.: 500-06-000783-163)) (the
"Action") have agreed to resolve the Action for $94 million CAD (approximately $69 million USD), plus an additional amount for
settlement administration costs, subject to court approval. The
Action, filed in the Quebec Superior Court in 2015, alleged
violations of Canadian securities laws regarding substantively the
same matters as in the U.S. securities class action, which the
Company also successfully settled. Once approved by the court, the
settlement will resolve and discharge all class claims against the
Company and the other defendants in the Action (the
"Settlement").
"This Settlement, together with our U.S. securities class action
settlement and recent successful resolution of the legacy SEC
investigation, puts an end to several of the more significant legal
matters from the Valeant era and enables us to continue to focus
our attention on Bausch Health today and our future," said
Joseph C. Papa, chairman and CEO of
Bausch Health.
As part of the Settlement, the Company and the other defendants
admit no liability and deny all allegations of
wrongdoing whatsoever.
About Bausch Health
Bausch Health Companies Inc.
(NYSE/TSX: BHC) is a global company whose mission is to improve
people's lives with our health care products. We develop,
manufacture and market a range of pharmaceutical, medical device
and over-the-counter products, primarily in the therapeutic areas
of eye health, gastroenterology and dermatology. We are delivering
on our commitments as we build an innovative company dedicated to
advancing global health. More information can be found at
www.bauschhealth.com.
Forward-looking Statements
This news release may
contain forward-looking statements, which may generally be
identified by the use of the words
"anticipates," "expects," "intends," "plans," "should," "could," "would," "may,"
"believes," "estimates," "potential," "target," or "continue" and
variations or similar expressions. These statements are based upon
the current expectations and beliefs of management and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, the risks and uncertainties discussed in the Bausch
Health's most recent annual report on Form 10-K and detailed from
time to time in Bausch Health's other filings with the U.S.
Securities and Exchange Commission and the Canadian Securities
Administrators, which factors are incorporated herein by reference.
They also include, but are not limited to, risks and uncertainties
caused by or relating to the evolving COVID-19 pandemic, and the
fear of that pandemic and its potential effects, the severity,
duration and future impact of which are highly uncertain and cannot
be predicted, and which may have a material adverse impact on
Bausch Health, including but not limited to its project development
timelines, and costs (which may increase). Readers are cautioned
not to place undue reliance on any of these forward-looking
statements. These forward-looking statements speak only as of the
date hereof. Bausch Health undertakes no obligation to update any
of these forward-looking statements to reflect events or
circumstances after the date of this news release or to reflect
actual outcomes, unless required by law.
Investor
Contact:
|
Media
Contact:
|
Arthur
Shannon
|
Lainie
Keller
|
arthur.shannon@bauschhealth.com
|
lainie.keller@bauschhealth.com
|
(514)
856-3855
|
(908)
927-1198
|
(877) 281-6642 (toll
free)
|
|
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SOURCE Bausch Health Companies Inc.