Biovail to drop analyst from lawsuit

Canada's Biovail has agreed to drop an analyst and his bank from the lengthy list of people and companies it sued last year, alleging a conspiracy to profit by cutting the biotech's stock price. The New York Post reported that David Maris and Banc of America Securities were dropped from its suit, calling it a sign that the company's case is "collapsing." The Post also goes on to claim that its own investigation showed that the analyst had accurately reviewed the work of forensic accountants called in to review Biovail's books. Biovail agreed to pay Banc of America Securities $2 million to cover the cost of litigation.

- read the report from The New York Post