Hedge Fund Hits Back At Biovail's 'False' Fraud Suits

Law360, New York (February 22, 2010, 6:58 PM EST) -- Hedge fund conglomerate S.A.C. Capital Advisors LP is seeking tens of millions of dollars in damages arising from Biovail Corp.'s alleged campaign to take attention away from its own misconduct by filing “false, scandalous and outrageous” securities fraud actions.

In a complaint lodged Wednesday with the U.S. District Court for the District of Connecticut, S.A.C. said Biovail knew there were no reasonable grounds for accusing it of orchestrating an illegal short-selling scheme, but that Biovail litigated a Racketeer Influenced and Corrupt Organizations Act case anyway for...
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