LOS ANGELES, Dec. 19, 2003 (PRIMEZONE) -- Notice is hereby given by Glancy & Binkow LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons who purchased securities of Biovail Corporation ("Biovail" or the "Company") (NYSE:BVF) between May 17, 2002 and October 30, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at, info@glancylaw.com, or visit our website at, www.glancylaw.com .
The Complaint charges Biovail and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning Biovail's financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. Biovail is a pharmaceutical company engaged in the development, manufacture and marketing of medications utilizing advanced drug delivery technologies for the treatment of chronic medical conditions. Despite defendants' representations to the contrary during the Class Period, the Complaint alleges that: (1) Biovail was aware that its aggressive growth projections could not be maintained due to a rise in internal expenses and competition; (2) Biovail was aware that it could not achieve its forecasted growth projections due to an increase in production and sales costs; and (3) Biovail was aware that it could not achieve its forecasted growth projections because of slow internal growth and added expenses associated with its recent acquisitions.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than January 12, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Lionel Z. Glancy, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to, info@glancylaw.com .
More information on this and other class actions can be found on the Class Action Newsline at, www.primezone.com/ca .