NEW YORK, Nov. 21, 2003 (PRIMEZONE) -- On November 14, 2003, Wolf Popper LLP, a firm specializing in securities class actions, filed a complaint against Biovail Corporation (NYSE:BVF) and certain of its senior officers alleging violations of the federal securities laws. The lawsuit was brought on behalf of all persons who purchased Biovail common stock on the open market during the period April 29, 2003 through November 10, 2003, inclusive. The complaint alleged, among other things, that Biovail concealed the adverse impact against its earnings resulting from (a) the termination of a marketing program for its main product following scrutiny by U.S. regulators; and (b) financial arrangements and transactions with other entities to avoid or minimize research and development expenses on Biovail's income statement. A copy of the complaint is available from the U.S. District Court for the Southern District of New York, and on Wolf Popper's website (www.wolfpopper.com).
On November 20, 2003, Biovail acknowledged that it had received a letter from the U.S. Securities and Exchange Commission ("SEC") stating that the SEC had initiated an informal inquiry pertaining to Biovail's "accounting and financial reporting practices for the fiscal year 2002 and quarterly periods to date for fiscal 2003." Biovail has indicated that it would comply with the SEC's requests for information.
On November 21, 2003, in response to Biovail's disclosure, Biovail common stock plummeted by as much as $5.22 per share or 22.5% from its November 20, 2003 closing price, as investors fled the stock.
Any member of the proposed class (who purchased Biovail common stock during the period April 29, 2003 through November 10, 2003) who desires to be appointed lead plaintiff in the class action must file a motion with the Court no later than January 12, 2004. Class members must meet certain legal requirements to serve as a lead plaintiff. If you have questions or information regarding this action, or if you are interested in serving as a lead plaintiff, you may call or write:
Wolf Popper LLP, Robert C. Finkel, Esq. 845 Third Avenue, New York, NY 10022-6689 Tel.: 212.451.9620, Toll Free: 877.370.7703; Fax: 212.486.2093, Toll Free: 877.370.7704 Email: irrep@wolfpopper.com website: www.wolfpopper.com