Scott + Scott, LLC Files Securities Lawsuit Against Biovail

Scott + Scott, LLC Files Securities Lawsuit Against Biovail
Pharmaceutical Company Targeted For Accounting Problems 


COLCHESTER, Conn., Nov. 14  /PRNewswire/ -- Scott + Scott, LLC
([e-mail]), a law firm with offices in Connecticut and
California, announced that it has filed a securities class-action on behalf of
all persons who purchased the common shares of Biovail Corporation (NYSE: BVF -
News; TSX: BVF - News; "Biovail" or the "Company") between February 7, 2003 and
October 30, 2003 (the "Class Period" or the "Class") for violations of the
federal securities laws. Biovail's common shares are traded on the New York
Stock Exchange and on the Toronto Stock Exchange.

Plaintiff shareholder is seeking to pursue 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 U.S. Department of Health and Human Services is currently investigating the
propriety of the physician compensation program.

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., drscott@scott- scott.com, 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] 

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