Bausch Health Cos. agreed to pay $3.8 million to settle a lawsuit filed by the Connecticut State Treasurer's office over claims that the company, formerly known as Valeant Pharmaceuticals International Inc., misled shareholders about the source of its revenues.
The suit, filed in U.S. District Court in New Jersey on Sept. 27, 2019, claimed that Valeant misled shareholders about the source of its revenues from 2013 through early 2016.
Proceeds from the settlement will be placed into the $38 billion Connecticut Retirement Plans & Trust Funds, Hartford, which was a shareholder in Valeant.
Connecticut state Treasurer Shawn T. Wooden, principal fiduciary of the CRPTF, said in a statement that he is "pleased with the results and will continue to look for strategic opportunities to recover funds on behalf of CRPTF whenever possible."
