Feb 21 2010
Biovail Corporation (NYSE/TSX: BVF) today acknowledged that separate Complaints have been filed against the Company by S.A.C. Capital Advisors, LLC and Gradient Analytics, Inc. The Complaints, filed in the U.S. District Court for the District of Connecticut and the U.S. District Court for the District of Arizona, respectively, allege malicious prosecution related to Biovail’s 2006 filing of a lawsuit against them and others.
“After tremendous effort to move Biovail forward from all legacy litigation and regulatory matters, it is unfortunate that we now must deal with these Complaints”
Biovail believes the Complaints are without merit and intends to defend itself vigorously.
“After tremendous effort to move Biovail forward from all legacy litigation and regulatory matters, it is unfortunate that we now must deal with these Complaints,” said Biovail Chief Executive Officer Bill Wells. “However, this will not distract us from the ongoing execution of our business strategy, or from our goal of moving Biovail to high growth.”