Shareholders of Biovail, a pharamceutical company specializing in advanced drug delivery technologies, have filed a $4billion class action in U.S. Federal court against S.A.C. Capital Management, Gradient Analytics (who some of you may recall from their scrape with Overstock.com CEO, Patrick Byrne) and Banc of America Securities. The shareholder suit alledges that the aforementioned parties had a hand in a manipulation of Biovail's common stock that adversely efffected shareholders. The Federal court suit follows a related superior court suit filed by Biovail in New Jersey pertaining to similar allegations of stock price manipulation.

More here.

-- MDT

Labels: Gradient Analytics, Patrick Byrne