SOURCE: Kahn Gauthier Swick, LLC

October 11, 2008 19:35 ET

INVESTOR ALERT: KGS Notifies Biovail Corporation Purchasers With Losses Greater Than $300,000, of Lead Plaintiff Application Deadline in Securities Class Action Lawsuit -- BVF

NEW ORLEANS, LA--(Marketwire - October 11, 2008) - Kahn Gauthier Swick, LLC ("KGS") announces that a securities class action lawsuit was filed in the United States District Court for the Southern District of New York, on behalf of purchasers of the securities and common stock of Biovail Corporation ("Biovail") (NYSE: BVF) during the period between December 14, 2006 and July 19, 2007, inclusive (the "Class Period"). No class has yet been certified in this action.

If you would like to discuss your legal rights, you may e-mail or call KGS Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, via cell phone after hours at 504-301-7900, or by email at lewis.kahn@kgscounsel.com.

Biovail and certain of its officers are charged with violating the Securities Exchange Act of 1934, for issuing a series of materially false statements that concealed and failed to disclose that the Company had published materially inaccurate and false information regarding the status of its new drug development and the efficacy of the Company's controls and procedures. Specifically, the complaint charges that Biovail failed to disclose that it knew or was reckless in not knowing that the FDA required a "single dose study" to demonstrate the bioequivalence of generic Wellbutrin XL, and that Biovail had submitted only a multiple-dose study to demonstrate such bioequivalence. Thus, despite statements made by Biovail to the contrary, at no time during the Class Period could investors expect FDA approval of this important Biovail drug.

Investors only learned the truth about the Company on July 20, 2007, when Biovail issued a release that ultimately revealed that the FDA had issued a non-approval letter for its new drug application for BVF-033. As a result of this belated disclosure, shares of Biovail common stock fell to $20.03 -- over $5.50 per share -- in the single trading-day.

If you wish to serve as lead plaintiff in this class action lawsuit, you must move the Court no later than December 8, 2008. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you would like to discuss your legal rights, you may e-mail or call KGS Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, after hours via cell phone 504-301-7900, or by email at lewis.kahn@kgscounsel.com. To learn more about KGS, you may visit www.kgscounsel.com. KGS is a law firm focused on securities class action litigation with offices in New Orleans and New York City.

KGS' lawyers have significant experience litigating complex securities class actions. Among other cases, KGS has been appointed Lead or Co-Lead Counsel in the following securities cases: In re: U.S. Auto Parts Networks, Inc. Securities Litigation, C.D. Cal.; In re Optionable, Inc. Securities Litigation, S.D.N.Y.; In re Xethanol Corporation Securities Litigation, S.D.N.Y.; Pixelplus Co. Ltd., S.D.N.Y.; In re Witness Systems Inc. Securities Litigation, N.D. Ga.; Whitney Information Network, M.D. Fla.; Bodisen Biotech, Inc., S.D.N.Y.; Pegasus Wireless Corp., S.D. Fla.; In re Xinhua Finance Media, Ltd. Securities Litigation, S.D.N.Y.; Terayon Comm. Systems Inc., N.D. Cal.; Gaming Partners, D. Nev.; and In re BigBand Networks, Inc. Securities Litigation, N.D. Cal.

SPECIAL NOTICE: KGS encourages you to carefully evaluate any firm you may consider to represent your interests in the Biovail class action. The Private Securities Litigation Reform Act ("PSLRA") permits Biovail shareholders to choose counsel of their choice to prosecute this action. Critical components of a law firm's ability to successfully prosecute this action and obtain a strong recovery for you include the resources it will dedicate to prosecution of the case, including the number of lawyers the firm has available for the Biovail action in particular, AND especially the quality of the firm's work. Interested shareholders are encouraged to call for consultation and to request more information about KGS. While KGS has not filed suit yet, the firm is currently conducting its own investigation of Biovail and invites shareholders to evaluate its complaint when choosing counsel.

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