SOURCE: Brower Piven, A Professional Corporation

October 15, 2008 16:52 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Biovail Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 8, 2008 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - October 15, 2008) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of Biovail Corporation ("Biovail" or the "Company") (NYSE: BVF) during the period between December 14, 2006 and July 19, 2007, inclusive (the "Class Period").

The complaint charges Biovail and certain of its officers and directors with violations under the Securities Exchange Act of 1934. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 8, 2008 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/332-0030) to answer any questions you may have in that regard.

The complaint alleges that during the Class Period, Biovail, a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies, and the other defendants failed to disclose that the Company's FDA application for BVF-033 failed to meet the requirements set forth by the FDA such that approval was likely to be materially delayed. The complaint further alleges that after the Company issued a July 20, 2007 press release announcing that it had received a non-approval letter from the FDA for its new drug application for BVF-033, the value of Biovail shares declined substantially.

If you have suffered a net loss for all transactions in Biovail Corporation securities during the Class Period, including shares or possibly calls purchased during, but retained after, the Class Period or possibly put options sold but not covered until after the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-332-0030, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/332-0030
    Email Contact