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Biovail investors launch $4-billion lawsuit
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Biovail investors launch $4-billion lawsuit
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Biovail investors launch $4-billion lawsuit
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Biovail investors launch $4-billion lawsuit
2006
Overview
The lawsuit, which is seeking class-action status, is a virtual copy of Biovail's own $4.6-billion US suit against hedge fund SAC Capital Management, Banc of America Securities analyst David Maris, research firm Gradient Analytics and others. Biovail alleged that SAC fed information to analysts who then prepared overly negative reports on Biovail, allowing SAC to profit on bets that the stock would fall. Biovail's stock slid through the second half of 2003 as investors fled amid analyst reports recommending the stock be sold, questions about accounting procedures, earnings shortfalls and probes from regulators. From a closing high of $67.75, the stock lost about two-thirds of its value by the end of the year. Biovail shares have never rebounded. Tuesday, they closed down 61 cents at $27.97.
Publisher
Postmedia Network Inc
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