B&L in Brazil
This article was originally published in The Gray Sheet
Executive Summary
Bausch & Lomb may delay filing its third-quarter financial statement with SEC after learning that a Brazilian subsidiary, BL Industria Otica (BLIO), likely engaged in illegal accounting practices. According to an ongoing investigation by Bausch & Lomb, BLIO's senior management mischaracterized about $600,000 in expenses to fund an unauthorized $1.5 mil. pension agreement. The company has also learned that Brazilian tax authorities are seeking roughly $5 mil. in unpaid taxes from the subsidiary. During B&L's Oct. 26 earnings call, the company declined to speculate when the case might be resolved. The firm stresses that BLIO accounted for $20 mil. in net sales in 2004, less than 1% of the company's consolidated revenues...
You may also be interested in...
Kenvue Breaks Ground On New Headquarters, Appoints Chief Corporate Affairs Officer
Firm hosts groundbreaking for 290,000 square-foot global headquarters it’s having built in Summit, NJ, starting with 100,000 square-foot science and innovation and expected to open in 2025. It announced adding Russell Dyer as chief corporate affairs officer starting 13 March.
Xaira Launches With $1bn-Plus And End-To-End AI Strategy
ARCH and Foresite incubated the company and recruited Genentech R&D veteran Marc Tessier-Lavigne to keep data generation, machine learning research and drug development under one roof.
‘Clear’ Is In The Eye Of The Beholder, New York, CRN Argue In Age-Restricted Sales Litigation
CRN’s request for clarification, as it continues litigating complaint in US District Court for Southern New York, highlights what it contends is vague and overly general language in the legislation passed in October with a 22 April effective date.