Without admitting wrongdoing, major drugmaker Biovail Corp. has agreed to pay $138 million to settle class action shareholder litigation in the United States. The proposed settlement class includes, with some exceptions, everyone who bought stock in Toronto-based Biovail during the period from Feb. 7, 2003, to March 2, 2004. The class action lawsuit accused the firm, former Chairman Eugene Melnyk and other former executives of making misleading statements to boost Biovail's stock between 2002 and 2003.
December 11, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Without admitting wrongdoing, major drugmaker Biovail Corp. has agreed to pay $138 million to settle class action shareholder litigation in the United States.
The proposed settlement class includes, with some exceptions, everyone who bought stock in Toronto-based Biovail during the period from Feb. 7, 2003, to March 2, 2004.
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