This year has been a tough one for Bausch & Lomb Inc., as the eye care products maker weathered an accounting probe and the recall of its top contact lens solution. The company's stock has suffered in tandem - since hitting a 52-week high of $73.24 in January, shares have fallen nearly 28 percent.The Centers for Disease Control and Prevention released a report showing that of 118 eye fungus patients who could identify their contact lens cleaner, 64 percent said they used MoistureLoc alone and another 12 percent said they used MoistureLoc with another product. The CDC called the results statistically significant even when factoring in poor contact lens care.
As a result, consumer lawsuits against Bausch & Lomb have been piling up in U.S. courts, and the debacle could drag on the company's bottom-line for years. Lawyers now expect 500 to 700 people will seek damages for Fusarium keratitis infections in trials beginning as early as next summer. Analysts estimate these legal issues could wind up costing Bausch & Lomb $1 billion in damages, and say the company is taking longer-than-expected to bounce back from the recall. (ReNu News Full Story)
