Biovail Settles With SEC For $10M

Law360, New York (March 24, 2008, 12:00 AM EDT) -- Biovail Corp. will pay $10 million to settle a U.S. Securities and Exchange Commission enforcement action alleging “chronic fraudulent conduct” by the pharmaceutical company, though fraud charges against the company's former and current executives remain.

Toronto-based Biovail agreed to pay millions in penalties and adhere to a permanent injunction in order to put to rest the SEC's charges of securities fraud for allegedly executing several accounting schemes from 2001 to 2003, the SEC announced Monday.

"Biovail and senior executives engaged in a pattern of systemic, chronic...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.