Former Biovail CFO Settles In SEC Fraud Suit

Law360, New York (December 22, 2009, 3:20 PM EST) -- Former Biovail Corp. Chief Financial Officer Kenneth G. Howling has settled his portion of a federal fraud suit accusing the Canada-based pharmaceutical company and its former principals of overstating earnings and hiding losses from 2001 to 2003.

According to Monday's judgment in the U.S. District Court for the Southern District of New York, Howling agreed to a $50,000 civil penalty.

Howling did not admit or deny the U.S. Securities and Exchange Commission's allegations, although he agreed to make himself available for interviews by the agency. Howling...
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