01:46 PM EDT, 07/24/2024 (MT Newswires) -- (Updates with additional details from third paragraph.)

Bausch Health ( BHC ) said Wednesday that it is not considering a bankruptcy or insolvency proceeding as claimed by a news article by Reorg.

"We understand that Reorg has subsequently issued an update to its original news article to clarify that the company has not been involved in discussions with its creditors regarding bankruptcy proceedings," the company said.

The Reorg article cited unnamed sources and included "unsubstantiated rumors," the company added.

Bausch Health's ( BHC ) shares dropped about 45% intraday after the unconfirmed report, Truist said in a note Wednesday.

Reorg did not immediately respond to a request for comment from MT Newswires.

Bausch Health's ( BHC ) stock, which has resumed trading after a halt following the report, fell 20% in recent trading.

Price: 6.05, Change: -1.52, Percent Change: -20.08