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Schatz & Nobel, P.C. Provides Update to Biovail Investors who Purchased BVF From
May 17, 2002 to October 30, 2003 Concerning SEC Investigation of Biovail and
Class Action Lawsuit
HARTFORD, Conn., Nov. 24 /PRNewswire/ -- The November 21, 2003 edition of the
Wall Street Journal reports that the Securities and Exchange Commission has
opened an informal inquiry into Biovail relating to its accounting and financial
reporting practices for fiscal 2002 and fiscal 2003 to date, and that the SEC
has requested a copy of a report issued by a securities analyst who questioned
Defendant Eugene N. Melnyk during a Biovail conference call on October 30, 2003
about Mr. Melnyk's securities transactions. Schatz & Nobel wishes to inform
Biovail investors 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 persons who purchased the common shares of Biovail Corporation (NYSE: BVF;
TSX: BVF) ("Biovail" or the "Company") for violations of the federal securities
laws, and alleges, inter alia, that the reports issued by Biovail concerning its
2002 and 2003 financial results were materially false and misleading and
overstated Biovail's revenue and earnings.
Schatz & Nobel, P.C. has significant experience prosecuting class actions on
behalf of investors. If you wish to discuss the class action or have any
questions, please contact attorney Andrew M. Schatz, Jeffrey S. Nobel, or Nancy
A. Kulesa at (800) 797-5499, or by e-mail at . For more information about
Schatz & Nobel, P.C. and class action cases, please visit our website:
http://www.snlaw.net/.
Biovail's common shares are traded on the New York Stock Exchange and on the
Toronto Stock Exchange under the symbol "BVF." Schatz & Nobel, P.C. seeks to
recover damages on behalf of all Class Members, including Class Members that
purchased Biovail common shares on the New York Stock Exchange and/or the
Toronto Stock Exchange. If you purchased or otherwise acquired Biovail common
shares between May 17, 2002 and October 30, 2003, and wish to act as a lead
plaintiff, you may move the Court to act in that capacity not later than January
12, 2004. If you wish to discuss your rights as lead plaintiff or as a class
member, please contact Schatz & Nobel, P.C. toll-free at (800) 797-5499, or by
e-mail at .
CONTACT: Andrew M. Schatz
Jeffrey S. Nobel
Nancy A. Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net/
e-mail:
DATASOURCE: Schatz & Nobel, P.C.
CONTACT: Andrew M. Schatz or Jeffrey S. Nobel or Nancy A. Kulesa,
+1-800-797-5499, , all of Schatz & Nobel, P.C.
Web site: http://www.snlaw.net/