Biovail (BVF) Will Pay A $5.4 Million Fine To The OSC
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Biovail Corporation (NYSE: BVF) announced that the Ontario Securities Commission (OSC) has approved a settlement agreement reached with OSC Staff in respect of an investigation of the Company.
"This settlement agreement represents the sixth legacy litigation action we've resolved since December 2007," said Biovail's Chief Executive Officer Bill Wells. "With these issues behind us, we are better positioned to execute on our New Strategic Focus. I am proud of what we've accomplished as a Company in the past year, and am encouraged by the business development activity we're currently seeing. Our priority as a management team is to enhance value for our shareholders."
Pursuant to the terms of the settlement agreement, Biovail will pay a total of $5.4 million, which includes legal and other costs incurred by the OSC of $1.3 million, to fully settle the matter.
The investigation related to specific accounting and financial disclosure practices, as previously disclosed, that occurred between 2001 and March 2004 and resulted in a Statement of Allegations by the OSC in March 2008.
Biovail Corporation is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products
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