UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 104991 / March 13, 2026

ADMINISTRATIVE PROCEEDING

File No. 3-19899

In the Matter of

Valeant Pharmaceuticals

International, Inc. n/k/a Bausch

Health Companies, Inc.

Respondent.

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CORRECTED ORDER DIRECTING

DISBURSEMENT OF FAIR FUND

ADMINISTRATIVE PROCEEDING

File No. 3-19900

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In the Matter of

J. Michael Pearson,

Respondent.

ADMINISTRATIVE PROCEEDING

File No. 3-19901

In the Matter of

Howard B. Schiller

Respondent.

ADMINISTRATIVE PROCEEDING

File No. 3-19902

In the Matter of

Tanya R. Carro, CPA

Respondent.

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On June 26, 2024, the Division of Enforcement, pursuant to delegated authority,

published a Notice of Proposed Plan of Distribution and Opportunity for Comment (“Notice”), 1

pursuant to Rule 1103 of the Commission’s Rules on Fair Fund and Disgorgement Plans

(“Commission’s Rules”); 2 and simultaneously posted the Proposed Plan of Distribution (the

“Proposed Plan”). The Notice advised interested persons that they could obtain a copy of the

Proposed Plan from the Commission’s public website or by submitting a written request to Amy

A. Sumner, United States Securities and Exchange Commission, Byron Rogers Federal Office

Building, 1961 Stout Street, Suite 1700, Denver, CO 80294-1961. The Notice also advised that

all persons desiring to comment on the Proposed Plan could submit their comments, in writing,

within 30 days of the Notice. The Commission received no comments on the Proposed Plan

during the comment period. On August 22, 2024, the Division of Enforcement, pursuant to

delegated authority, issued an order approving the Proposed Plan, 3 and posted the approved Plan

of Distribution (the “Plan”).

The Plan provides for the distribution of the Fair Fund, plus accumulated interest, less

taxes, fees, and expenses, to the harmed investors according to the methodology set forth in the

Plan. In accordance with the Plan, the Claims Bar Date has passed and all timely submitted

claims have been processed by the Fund Administrator. All investors whose claims have been

denied, in whole or in part, have been notified and provided the opportunity to cure.

Pursuant to the Plan, the Fund Administrator has submitted a payment file to Commission

staff with a reasonable assurances letter as to the completeness and accuracy of the information

contained therein. The Commission staff has reviewed and accepted the payment file and

Exchange Act Rel. No. 100410 (Jun. 24, 2024).

17 C.F.R. § 201.1103.

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See Order Approving Corrected Plan of Distribution, Exchange Act Rel. No. 100808 (Aug. 22, 2024)

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requests, pursuant to Rule 1101(b)(6) of the Commission’s Rules, 17 C.F.R. § 201.1101(b)(6),

that the Commission authorize the transfer of $43,333,356.49 from the Fair Fund to the Fair

Fund’s escrow account at the Huntington National Bank for distribution by the Fund

Administrator in accordance with the Plan.

Accordingly, it is hereby ORDERED, that Commission staff shall transfer

$43,333,356.49 from the Fair Fund to the Fair Fund’s escrow account at the Huntington National

Bank, and the Fund Administrator shall distribute such monies to eligible investors in accordance

with the Plan.

For the Commission, by the Division of Enforcement, pursuant to delegated authority. 4

Vanessa A. Countryman

Secretary

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17 C.F.R. § 200.30-4(a)(21)(v).

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