It looks like BOL was tipped off about the Eye Fungus last year.
Hong Kong health officials told Bausch & Lomb in November they had seen an increase in hospital admissions due to lens-related keratitis infections, company spokeswoman Meg Graham said. But investigations by both Hong Kong and company officials found no cause-and-effect link to MoistureLoc, Graham said.
"We looked into it, they looked into it and, as far as we know, the case was closed and this was just considered to be some sort of an aberrational occurrence," Graham said.
I guess they didn't look into it hard enough. Or maybe the top management guys said its no biggie and swept it under the table until there were more cases. They only treated it like any kind of a problem when this happened:
When the Singapore Ministry of Health notified the company Feb. 18 it had recorded dozens of lens-related keratitis infections, Hong Kong "decided to go back and take a look at some of the data that it had in that earlier investigation," Graham said.
You really can't rely on Hong Kong Officials when it comes to a product that brings in $45 million dollars a year. They should have jumped all over the Hong Kong cases to rule out that it was or wasn't their product causing the fungus. Since they moved too slowly they ended up having to pull the whole line. I guess this problem is what kept them from focusing in on the eye fungus at that time. It sucks when the management is focusing in on some improper practices when fungus related production problems creeps up to really wallop your company.
The eye-care company said Thursday it will hold off for a month or more on filing fourth-quarter earnings as it investigates allegations of improper sales practices at its South Korean subsidiary. In December, it moved to restate financial results back to 2000 because of accounting shenanigans at its Brazilian unit.
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