The SEC is coming for Canada's largest drug maker. At issue, according to the U.S. securities regulator, are Biovails string of accounting irregularities and misleading financial disclosures. Biovail acknowledged previously receiving a Wells Notice from the SEC regarding their 2003 finances. The SEC's probe now apparently extends from 2001 to 2004. Biovail founder, Eugene Melnyk, is also facing investigations into his personal conduct relating to Biovail. Additional details on the Biovail investigation can be found right here.

-- MDT

Labels: accounting fraud, Biovail, Eugene Melnyk, SEC