Valeant, Biovail Settle Class Action Over $3B Merger

Law360, New York (September 20, 2010, 6:51 PM EDT) -- Valeant Pharmaceuticals International and Biovail Corp. have settled a shareholder class action that sought to block their $3.2 billion merger.

Valeant and Biovail executed a memorandum of understanding containing the terms for the parties’ agreement to resolve the class action Friday, according to 8-K forms filed Monday with the U.S. Securities and Exchange Commission.

As part of the settlement, the defendants deny all allegations of wrongdoing and deny that the disclosures in their joint prospectus were inadequate, although they agree to provide supplemental disclosures, the SEC...
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