NEW YORK, March 14, 2006 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased or otherwise acquired the securities of Bausch & Lomb, Inc. ("Bausch & Lomb" or the "Company") (NYSE:BOL) between January 27, 2005 and December 22, 2005, inclusive (the "Class Period"). Murray, Frank & Sailer LLP 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.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Bausch & Lomb securities on any exchange between January 27, 2005 and December 22, 2005, and sustained damages, you may, no later than May 12, 2006, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can seek to join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Bradley P. Dyer of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.