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Article: Bausch & Lomb Provides Update on Internal Investigation Related to Brazil Subsidiary and Its Impact on Third Quarter 2005 Results; Will Restate Financial Results for Prior Periods.
- Article from:
- Business Wire
- Article date:
- December 22, 2005
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ROCHESTER, N.Y. -- Audit Committee Commences Independent Investigation Into Allegations of Improper Sales Practices in Korean Subsidiary
Bausch & Lomb (NYSE:BOL) today provided an update on the investigation, previously reported on October 26, 2005, into allegations of improper conduct by management of its Brazilian subsidiary, BL Industria Otica Ltda. (BLIO) and tax assessments against BLIO by Brazilian taxing authorities that related to several prior years. The Company has concluded, based on the investigation, that certain prior-period financial statements will be required to be restated. In addition, the Company has preliminarily identified a material ...