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In Brief: Bausch & Lomb

This article was originally published in The Gray Sheet

Executive Summary

Bausch & Lomb: Special committee of independent directors finds "no evidence that any executive officer of Bausch & Lomb participated in or was otherwise aware of the irregularities that led to" the company's restatement of 1993 and 1994 financial figures announced in January ("The Gray Sheet" Jan. 29, p. 18). In a press release, B&L's board of directors says it has "reviewed and accepted" conclusions reached by the special committee, which was assembled last fall to review B&L's management and control practices. B&L further says that the committee has determined that its January restatement of 1993 and 1994 financial results was "appropriate" to account for a 1993 contact lens division marketing program which shifted responsibility to U.S. distributors for the sale and distribution of contact lenses, as well as improper recording of sunglass sales in Southeast Asia, noting that no further actions related to the matters are planned. The accounting for the contact lens distribution program is under review by the Securities and Exchange Commission...
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