Biovail's Hedge Fund Fraud Suit Gets Tossed

Law360, New York (August 24, 2009, 11:11 AM EDT) -- A judge in a New Jersey state court has thrown out a securities fraud suit brought by pharmaceutical manufacturer Biovail Corp. accusing hedge fund conglomerate S.A.C. Capital Management LLC of attempting to drive down its stock prices, ruling that Biovail failed to state a cause of action.

Judge Donald Goldman of the New Jersey Superior Court said in a ruling Thursday that Ontario-based Biovail did not offer evidence that a sudden drop in share price in 2003 — one it claimed S.A.C. executives orchestrated in a...
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