A Canadian pharmaceutical company has filed a RICO suit in New Jersey state court, alleging that a hedge fund and stock analysts conspired to drive down its stock price to benefit short sellers. Backed by confidential e-mails and statements from disgruntled former employees-turned-witnesses, Biovail and its subsidiary, Biovail Pharmaceuticals, are seeking $4.6 billion in damages in the suit, which alleges the defendants conducted a disinformation campaign to hurt its stock.
March 20, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A Canadian pharmaceutical company has filed a RICO suit in New Jersey state court, alleging that a hedge fund and stock analysts conspired to drive down its stock price to benefit short sellers.
Biovail Corp. of Ontario, and its subsidiary, Biovail Pharmaceuticals Inc. of Bedminster, are seeking $4.6 billion in damages in the Essex County suit, which alleges the defendants conducted a disinformation campaign to hurt its stock.
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