Biovail Says Settlement With Maris, BAS Expected to Be Helpful in Suit Against Hedge Funds and Others
TORONTO--(BUSINESS WIRE)--Sep 10, 2007 - Biovail Corporation (NYSE:BVF) (TSX:BVF) today said that, contrary to implications in an article published by the New York Post today, it very much intends to proceed with its lawsuit against a group of hedge funds, analysts, investment and brokerage firms that Biovail alleged conspired to manipulate the market and drive down Biovail's share price to benefit their own stock positions.Biovail said that in fact, today's settlement agreement with Banc of America Securities and one of its former analysts David Maris, is expected to be extremely helpful in Biovail's pursuit of its lawsuit. The company said that the settlement provides, among other things, an agreement by Mr. Maris to provide substantial sworn testimony, voluntary production of material documents from BAS and Mr. Maris and the right to demand additional discovery of BAS and Mr. Maris which would include all relevant materials, such as e-mails, correspondence, tape recordings and trading records.
Biovail said that the settlement actually resolved issues arising out of the recent lengthy sanctions hearings before Judge Richard Owen in New York federal court.
The company said that the article was also misleading and inaccurate in that it never named BAS in its lawsuit and thus, contrary to the NY Post report, it could not have dropped the bank from its suit.
Defendants named in the suit include S.A.C. Capital Management LLC, S.A.C. Capital Advisors LLC, S.A.C. Capital Associates LLC, S.A.C. Healthco Funds LLC, Sigma Capital Management, LLC, Steven A. Cohen, Arthur Cohen, Joseph Healey, Timothy McCarthy, Gradient Analytics, Inc., Camelback Research Alliance, James Carr Bettis, Donn Vickrey, Pinnacle Investment Advisors, Helios Equity Fund, Hallmark Funds, Gerson Lehrman Group, Gerson Lehrman Group Brokerage Services, Thomas Lehrman, Patrick Duff, and James Lyle.
The lawsuit asserts several claims against the defendants, including racketeering in violation of New Jersey State laws, commercial disparagement, tortious interference with contractual relationships, tortious interference with prospective economic advantage, common law civil conspiracy and unjust enrichment.
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