NEW YORK, Oct. 10, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Biovail Pharmaceutical Corporation ("Biovail" or "the Company") (NYSE:BVF) common stock during the period between December 14, 2006 through July 19, 2007 (the "Class Period") for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Biovail common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by December 8, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that Biovail and certain of its officers and directors violated federal securities laws by making false and misleading statements about a drug in development called BVF-033, a salt formulation of bupropion, an antidepressant commonly known as Wellbutrin XL. Specifically, defendants' statements failed to disclose that while the FDA required a single dose study to demonstrate the bioequivalence of generic Wellbutrin XL, defendants had submitted a multiple-dose study to demonstrate the bioequivalence of BVF-033. Thus, defendants' FDA application for BVF-033 failed to meet the requirements set forth by the FDA such that approval was likely to be materially delayed.
On July 20, 2007, before the market opened, Biovail issued a press release announcing that it had received a non-approval letter from the FDA for its new drug application for BVF-033. On this news, Biovail's stock price dropped from $25.51 per share to $20.03.