Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Biovail Corporation

Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Biovail Corporation

SAN DIEGO--(BUSINESS WIRE)--Coughlin Stoia Geller Rudman & Robbins LLP ("Coughlin Stoia") (http://www.csgrr.com/cases/biovailcorp/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Biovail Corporation ("Biovail") (NYSE:BVF) securities during the period between December 14, 2006 and July 19, 2007 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/biovailcorp/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Biovail and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Biovail is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies.

The complaint alleges that during the Class Period, defendants made 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, the Company issued a press release announcing that it had received a non-approval letter from the FDA for its new drug application for BVF-033. As a result of this disclosure, Biovail's stock price dropped from $25.51 per share to $20.03 per share in a single day.

Plaintiff seeks to recover damages on behalf of all purchasers of Biovail securities during the Class Period (the "Class"). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com [1]) has more information about the firm.