Concerned Shareholders of Biovail Seek Court Order Declaring Biovail AGM Illegally Convened;
TORONTO, June 25, 2008 /PRNewswire/ - The Concerned Shareholders of Biovail said that their lawyers will be in court today and will seek a declaration that the Biovail Corporation Annual General Meeting was illegally held and will request that a proper meeting be convened. This followed the Concerned Shareholder being advised early this morning that over 10% of the shares voted in favour of the incumbent slate had been revoked.
"Biovail obviously heard what we were hearing," Eugene Melnyk said, "and that was that the momentum was shifting. They knew that without my shares they would not have a quorum to hold the meeting and so they secretly met early this morning to change the rules to suit their purposes in violation of applicable law and a negotiated protocol that had been agreed to between the parties, thereby preventing Biovail shareholders from reconsidering their position."
"We think this says a lot about corporate governance at Biovail - or the lack thereof -- their desperation to keep their jobs and their willingness to change any rule to suit their needs when under pressure. We are optimistic the Court will agree that the AGM was illegally held and that a new meeting needs to be held," he said.
CONTACT: Canadian Media - Duncan Fulton, (416) 645-3655;; United States Media - Mike Sitrick, (310)788-2850, Duncan.fulton@fleishman.ca mike_sitrick@sitrick.com
Terms and conditions of use apply
Copyright © 2008 PR Newswire Association LLC. All rights
reserved.
A United Business Media Company
Pharma Industry News Archive
2008: Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec
2007: Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec
2006: Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec
2005: Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec
2004: Jan | Feb | Mar | Apr | May | Jul | Aug | Sep | Oct | Nov | Dec
2003: Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec
2002: Jan | Apr | May | Jun | Aug | Sep | Oct | Nov | Dec
