Scott + Scott, LLC Files Securities Action on Behalf of Biovail Shareholders; SEC Opens Inquiry Into Drugmaker's Accounting and Financial Reporting COLCHESTER, Conn., Nov. 21 /PRNewswire/ -- Scott + Scott, LLC (scottlaw@scott-scott.com), a law firm with offices in Connecticut and California, has filed a securities class action in the United States District Court for the Southern District of New York on behalf of all persons who purchased the common shares of Biovail Corporation (NYSE: BVF - News; TSX: BVF - News; "Biovail" or the "Company") between May 17, 2002 and October 30, 2003 (the "Class Period" or the "Class"). Late yesterday, the Securities and Exchange Commission announced that it was opening an "informal inquiry" into the drugmaker's accounting and financial reporting. Biovail shares plummeted 20% to $18.51 earlier today. The plaintiff-shareholder is pursuing 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 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., , Scott + Scott, LLC, 108 Norwich Avenue, Colchester, Connecticut 06415 at 800/404-7770 (fax: 860/537-4432). DATASOURCE: Scott + Scott, LLC CONTACT: Neil Rothstein Esq., , or David Scott Esq., , of Scott + Scott, LLC, +1-800-404-7770

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