LITTLE ROCK, Ark., Dec. 19, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, on behalf of all persons or entities who purchased or otherwise acquired Biovail Corp. ("Biovail" or the "Company") securities (NYSE:BVF) during the period between May 17, 2002 and October 30, 2003, both dates inclusive (the "Class Period"). The Complaint names Biovail, Eugene N. Melnyk, Rolf K. Reininghaus, and Brian H. Crombie as defendants.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. Further, it is alleged that defendants made materially false and misleading statements concerning the Company's financial results. In particular, despite defendants representations to the contrary during the Class Period, the Complaint alleges that: (1) Biovail was aware that its aggressive growth projections could not be maintained due to a rise in internal expenses and competition; (2) Biovail was aware that it could not achieve its forecasted growth projections due to an increase in production and sales costs; and (3) Biovail was aware that it could not achieve its forecasted growth projections because of slow internal growth and added expenses associated with its recent acquisitions. The Complaint alleges that as a result of these false and misleading statements and omissions of material fact the price of Biovail securities were artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Emerson Poynter LLP. Emerson Poynter LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Biovail securities during the Class Period described above, you may, no later than January 12, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements.
To discuss this action, this announcement, or your rights or interests, please contact Tanya R. Autry in the Shareholder Relations Department by telephone at (800) 663-9817 or (501) 907-2555, or by e-mail at shareholder@emersonfirm.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.