Biovail

Biovail Corporation (TSX: BVF, NYSE: BVF) is Canada's largest pharmaceutical company, operating internationally in all aspects of pharmaceutical products. Its major production facility is located in Steinbach, Manitoba.

Additional recommended knowledge

Daily Sensitivity Test

How to ensure accurate weighing results every day?

Guide to balance cleaning: 8 simple steps

Corporate governance

Current members of the board of directors of Biovail are: Wilfred Bristow, Michael Van Every, Eugene Melnyk, Laurence Paul, Sheldon Plener, Jamie Sokalsky, Douglas Squires, and William Wells.

SAC/Gradient Analytics lawsuit

In March 2006, CBS program 60 Minutes featured Biovail in a story about its lawsuit against hedge fund SAC and Camelback (now known as Gradient Analytics), among others. According to Melynk , "there’s a group of people that got together and essentially attacked the company by putting out false reports, and we’re just fighting back for our shareholders." ^[1]

The alleged conspiracy began with Camelback, an Arizona stock-analysis firm that advertises that it publishes impartial financial reports on companies to help investors evaluate stocks. In the spring of 2003, the hedge fund SAC asked them for a report on Biovail. Darryl Smith, Mark Rosenblum, Demetrios Anifantis, and Robert Ballash, former Camelback employees, alleged that Camelback had allowed their client SAC to determine the content and timing of their reports on Biovail.^[2]

Camelback said those former employees were “lying” and “disgruntled”, that Anifantis and Ballash were fired because of unethical conduct; Smith for poor performance; Rosenblum was "laid off". These four say they were let go after they complained to their superiors about Camelback’s practices. SAC denied all the charges in Biovail's lawsuit and said that the decline in the Biovail's stock was due to earnings shortfalls and regulatory investigations.^[3]

References