Izard Nobel LLP Announces Class Action Lawsuit Against Biovail Corporation

Main Category: Litigation / Medical Malpractice
Also Included In: Pharma Industry / Biotech Industry;  Depression
Article Date: 10 Oct 2008 - 5:00 PDT

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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased Biovail Corporation ("Biovail" or the "Company") (NYSE: BVF) between December 14, 2006 and July 19, 2007, inclusive (the "Class Period").

The Complaint charges that Biovail and certain of its officers and directors violated federal securities laws by making false and misleading statements about a drug in development called BVF-033, a salt formulation of bupropion, an antidepressant commonly known as Wellbutrin XL. Specifically, defendants' statements failed to disclose that while the FDA required a single dose study to demonstrate the bioequivalence of generic Wellbutrin XL, defendants had submitted a multiple-dose study to demonstrate the bioequivalence of BVF-033. Thus, defendants' FDA application for BVF-033 failed to meet the requirements set forth by the FDA such that approval was likely to be materially delayed.

On July 20, 2007, before the market opened, Biovail issued a press release announcing that it had received a non-approval letter from the FDA for its new drug application for BVF-033. On this news, Biovail's stock price dropped from $25.51 per share to $20.03.

If you are a member of the class, you may, no later than December 8, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail at firm@izardnobel.com, or visit our website: http://www.izardnobel.com.

Izard Nobel LLP