Scott + Scott, LLC Files Securities Action on Behalf of Biovail Shareholders; SEC Opens Inquiry Into Drugmaker's Accounting and

Scott + Scott, LLC Files Securities Action on Behalf of Biovail Shareholders;
SEC Opens Inquiry Into Drugmaker's Accounting and Financial Reporting 


COLCHESTER, Conn., Nov. 21  /PRNewswire/ -- Scott + Scott, LLC
([e-mail]), a law firm with offices in Connecticut and
California, has filed a securities class action in the United States District
Court for the Southern District of New York on behalf of all persons who
purchased the common shares of Biovail Corporation (NYSE: BVF - News; TSX: BVF -
News; "Biovail" or the "Company") between May 17, 2002 and October 30, 2003 (the
"Class Period" or the "Class").  Late yesterday, the Securities and Exchange
Commission announced that it was opening an "informal inquiry" into the
drugmaker's accounting and financial reporting.  Biovail shares plummeted 20% to
$18.51 earlier today.

The plaintiff-shareholder is pursuing remedies under the Securities Exchange Act
of 1934 (the "Exchange Act"). A copy of the complaint filed in this action on
behalf of investors is available from the Court or can be obtained by calling
Scott + Scott, LLC at 800/404-7770, e-mailing the firm at  or , or going to the
firm's website (http://www.scott-scott.com/) and clicking on "IN THE NEWS."

While Biovail has called this lawsuit "frivolous," the Canadian drugmaker has
been criticized for not properly estimating inventories of its drugs; low
revenue from its generic brand of Prilosec and excess inventory of heart drug
Cardizem CD.  Chief Executive Eugene Melnyk has been criticized for the purchase
of a company plane by an entity he controlled, the use of Barbados as a tax
shelter for Biovail, a doctor compensation program that pays doctors for using
Cardizem LA and acquisitions that led to confusing accounting.

The Complaint alleges that Biovail and certain of its officers and directors
made materially false and misleading statements during the Class Period.
Specifically, Defendants made material misrepresentations concerning Biovail's
financial results and business by improperly reporting revenue and earnings
attributable to sales. Plaintiff further alleges that these material
misrepresentations artificially inflated the price of Biovail's common shares,
which traded as high as $ 50.30 on the New York Stock Exchange and as high as CD
$ 67.75 on the Toronto Stock Exchange during the Class Period.  The stock opened
today in New York at $ 24.50.

Scott + Scott, LLC is engaged in the representation of funds, foundations,
endowments, institutions, pension funds, individuals, and other entities
throughout the world in securities, antitrust and other complex class and non-
class action litigation. The firm maintains the highest standards for client
satisfaction and communication. The firm's attorneys litigate in both state and
federal courts throughout the nation. The firm has been appointed lead counsel
in cases nationwide, including the ongoing ImClone Securities Litigation. The
firm also recently settled cases against Mattel and Emulex in which it was lead
counsel. Scott + Scott, LLC issues this release in accordance with the
applicable federal securities laws. If you wish to discuss this action, have any
questions concerning this notice, your rights with respect to this matter or any
other securities fraud matter please contact Neil Rothstein Esq.,, or David
Scott Esq., , Scott + Scott, LLC, 108 Norwich Avenue, Colchester, Connecticut
06415 at 800/404-7770 (fax: [phone]). 

DATASOURCE: Scott + Scott, LLC



CONTACT:  Neil Rothstein Esq., , or David Scott Esq.,

, of Scott + Scott, LLC, [phone]

Copyright