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Biovail Corporation BVF Securities Stock Fraud

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Company: Biovail Corporation
Ticker Symbol: BVF
Class Period: Dec-14-06 to Jul-19-07
Date Filed: Oct-9-08
Lead Plaintiff Deadline: Dec-8-08
Court: Southern District of New York
Allegations:
A class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Biovail Corporation ("Biovail") (NYSE:BVF) securities during the period between December 14, 2006 and July 19, 2007 (the "Class Period").

The complaint charges Biovail and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Biovail is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies.

The complaint alleges that during the Class Period, 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, the Company 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's stock price dropped from $25.51 per share to $20.03 per share in a single day.

Plaintiff seeks to recover damages on behalf of all purchasers of Biovail securities during the Class Period (the "Class").

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Biovail Corporation BVF Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Biovail Corporation securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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