Bausch Health to pay $45 million fine to settle Philidor charges
Bausch Health Cos. (BHC.T) will pay a $45 million fine to settle charges that the company misled investors in financial statements when it was known as Valeant Pharmaceuticals, according to the Securities and Exchange Commission late Friday. The SEC also fined then-Valeant Chief Executive J. Michael Pearson, then-Chief Financial Officer Howard Schiller, and then-controller Tanya Carro, penalties of $250,000, $100,000, and $75,000, respectively. Valeant changed its name to Bausch Health in 2018 (http://www.marketwatch.com/story/valeant-will-get-a-new-name-again-hoping-to-shed-its-scandals-2018-05-08) following a 2016 scandal (http://www.marketwatch.com/story/valeant-faces-criminal-probe-over-allegations-it-defrauded-insurers-2016-08-11) when it was charged with defrauding investors on financial statements by covering up its close ties with mail-order pharmacy Philidor Rx. Bausch Health shares rose 1.2% after hours, following a 3.1% decline to close Friday at $18.27.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 31, 2020 17:30 ET (21:30 GMT)
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