A class action settlement has been announced in a long running case against Bausch Health Cos. Inc., formerly known as Valeant Pharmaceuticals. The settlement announced December 16, 2019 said Bausch will pay $1.2 billion to resolve the securities class action accusing its former leaders of fraudulently inflating its stock when the Canadian company was known as Valeant Pharmaceuticals.
The nearly five-year-old lawsuit claimed Valeant used a clandestine network of pharmacies to push high-priced drug prescriptions, sending the stock plummeting once price-gouging allegations surfaced. Under the settlement, payouts will begin in mid-January and will be funded by cash and revolving credit, according to the announcement.
The stock-drop litigation represents consolidated claims by investors who saw Valeant’s stock price slide from more than $250 a share in 2015 to below $10 two years later. The company has been fined by regulators and sued by investors who said it defrauded the market.
The complaint alleged that Valeant duped insurers by changing prescription codes to ensure they were filled with Valeant-branded drugs and making claims for unrequested refills, investors said, and covered up the scheme by lying about the pharmacies’ ownership and issuing a series of false statements to investors.
The case is In re Valeant Pharmaceuticals International Inc. Securities Litigation, case number 3:15-cv-07658, in the U.S. District Court for the District of New Jersey.
This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon class actions.
Some Stoll Berners recently participated in the 2019 St. Andrew Legal Clinic’s Race for Justice on Saturday, June 15, 2019. We are proud to support SALC in their service to Oregon families. St. Andrew Legal Clinic serves low-income families with family law needs. To learn more about SALC, visit their website here.
Lincoln High School’s mock trial team took third place (out of 75 teams) in the 2019 statewide high school mock trial competition championship. The Lincoln High team took first place in the regional competition as well.
Founding Shareholder, Rob Shlachter, along with his wife, Mara, have been coaching high school mock trial teams for 23 years. They have coached to four state championship designations, earning the titles in 2001, 2002, 2003, and 2018. They earned state runner-up in 2008.
Over the years, Stoll Berne attorneys have been active in coaching, mentoring, and volunteering for this event sponsored by the Classroom Law Project. Steve Berman, Nadia Dahab, Yoona Park, and Josh Ross, along with former Stoll Berne attorney Mark Friel, have all participated. The students use the firm’s space for practice and preparations.
“Mara and I are honored to have participated all these years with these wonderful, intelligent, and bright students. Even more rewarding is watching them grow with the process as well as staying in touch while they make their way in to their futures. Congratulations to the mock trial team of Lincoln High School!” says Rob Shlachter.
In Oregon State Bar’s Member Spotlight, Josh Ross shares his thoughts regarding the Bar’s Diversity Action Plan and his pro bono service.