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Biovail Corporation (NYSE: BVF) Investor Securities Class Action Lawsuit 10/08/2008

  • If you purchased shares of Biovail Corporation (NYSE: BVF), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Biovail
Security
NYSE: BVF

Case Name
Biovail Corporation Shareholder Class Action Lawsuit 10/08/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

July 7, 2009 - The plaintiff's notice of appeal filed in the U.S. Court of Appeals for the Second Circuit was withdrawn.
June 19, 2009 - The parties jointly filed an order of voluntary dismissal with prejudice.

June 5, 2009 - The plaintiff filed a notice of appeal.

May 11, 2009 - The court ordered the case dismissed in its entirety with prejudice.

May 8, 2009 - The court granted the defendants' motion to dismiss.

January 12, 2009 - Defendants filed a motion to dismiss.

December 17, 2008 - The plaintiff filed an amended complaint on behalf of investors who purchased BVF common shares between December 14, 2006 and July 20, 2007. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between December 14, 2006 and July 20, 2007.

December 8, 2008 - Lead plaintiff motions were filed.

October 8, 2008 - An investor in shares of Biovail Corporation (formerly NYSE: BVF now trading as NYSE: VRX due to a merger with Valeant Pharmaceuticals International Inc ) filed a lawsuit in the U.S. District Court for the Southern District of New York against Biovail Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 14, 2006 and July 19, 2007.

According to the complaint the plaintiff charges Biovail Corporation and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during December 14, 2006 and July 19, 2007, defendants made false and misleading statements about a drug in development called BVF-033, a salt formulation of bupropion, an antidepressant commonly known as Wellbutrin XL. Specifically, defendants’ statements failed to disclose that while the FDA required a single dose study to demonstrate the bioequivalence of generic Wellbutrin XL, defendants had submitted a multiple-dose study to demonstrate the bioequivalence of BVF-033. Thus, defendants’ FDA application for BVF-033 failed to meet the requirements set forth by the FDA such that approval was likely to be materially delayed.

On July 20, 2007, before the market opened, Biovail Corporation issued a press release announcing that it had received a non-approval letter from the FDA for its new drug application for BVF-033. As a result of this disclosure, Biovail Corporation's (NYSE: BVF) stock price dropped from $25.51 per share to $20.03 per share in a single day.

Biovail Corporation is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies.