But charges still loom for company execs.

-- MDT

Labels: Biovail, SEC, settlement

See our favorite muckracker, Gary Weiss for details. Also...a note to the folks at Reputrace - you might want to use a proxy server so that when your clients log in to review the articles from around the web you've collected for them, that it isn't, like, totally obvious who the client is and what reputational issues are of concern to them.

-- MDT

Labels: accounting fraud, Biovail, Gary Weiss, Gradient Analytics, SEC

Of the U.S. suit at least, without admitting any wrongdoing and with no liability. A parallel Canadian suit is still pending, but the company claims to have that just about resolved as well.

Labels: Biovail, class action, securities, settlement

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