SEC Sends Biovail Wells Notice

Law360, New York (May 14, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has sent Biovail Inc. a notice of warning, indicating it may soon file charges against the pharmaceutical company.

Biovail confirmed on Monday that it had received a Wells Notice from the SEC alerting the company to the Commission’s intention to file a civil suit over accounting irregularities and revenue recognition problems that occurred in 2002 and 2003.

“The notice relates to the staff's investigation of Biovail's accounting and disclosure practices for the fiscal year 2003, and certain transactions associated with...
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