Replies to post #405 on Infotopia (fka IFTA)

[thepennyking]

GLRS Files Lawsuit Against Biovail Corp.

NEW YORK (BUSINESS WIRE) – December 15, 2003 - Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on December 12, 2003 in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Biovail Corp. ("Biovail" or the "Company") (NYSE: BVF) between May 17, 2002 and October 30, 2003, inclusive, (the "Class Period"). The lawsuit was filed against Biovail and Eugene N. Melnyk, Rolf K. Reininghaus and Brian H. Crombie.

If you are a member of this class you can view a copy of the complaint and join this class action online.

The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market. Specifically, the complaint alleges that Defendants’ statements were materially false and misleading because they failed to disclose and/or misrepresented that Biovail was aware that its aggressive growth projections could not be maintained due to a rise in internal expenses and growing competition, that its projections were also unattainable due to an increase in production and sales costs and expenses associated with recent acquisitions.

On October 30, 2003, Biovail announced its financial results for the third quarter, ending September 2003. Total revenues increased 3% to $215.3 million vs. the same period a year ago. In addition the company lowered its forecast rate of growth to approximately 10% for the 2004 fiscal year. The market reacted negatively to this news, falling 15%, or $4.25 per share to close at $23.40.

Plaintiffs are represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP of New York, New York and Ft. Lauderdale, Florida. Goodkind Labaton is a pioneer in the field of investor protection, with forty years experience litigating securities class actions in courts throughout the country. Goodkind Labaton has over 50 attorneys in two offices and maintains an in-house staff of finance and accounting specialists. Goodkind Labaton also has extensive trial experience and, most recently, concluded a class action trial resulting in a landmark $185 million verdict for the plaintiff class.

If you bought Biovail securities between May 17, 2002 and October 30, 2003, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than January 12, 2004. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives at [e-mail] or Christopher Keller, Esq. at 800-321-0476.


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CONTACTS

Jonathan M. Plasse
Attorney
Goodkind Labaton Rudoff & Sucharow LLP
100 Park Avenue
12th Floor
NewYork, NY 10017-5563
[e-mail]
[phone]
[phone] fax


Christopher J. Keller
Attorney
Goodkind Labaton Rudoff & Sucharow LLP
100 Park Avenue
12th Floor
NewYork, NY 10017-5563
[e-mail]
[phone]
[phone] fax