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Biovail Settles With SEC For $10M

Law360 (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...
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