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'Baseless' Shareholder Action V. Biovail Tossed

Law360 (May 11, 2009, 12:00 AM EDT) -- A federal judge has dismissed a proposed shareholder class action accusing Biovail Corp. of misleading investors about the antidepressant Aplenzin, calling the lawsuit a “prime exemplar of a legally baseless securities strike suit.”

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York on Friday granted Biovail's motion to toss the amended complaint in its entirety, saying the action was the very sort Congress wanted to discourage when it enacted the Private Securities Litigation Reform Act in 1995.

The complaint, first...
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