Biovail Founder Drops Canadian Proxy Suit

Law360, New York (April 10, 2008, 12:00 AM EDT) -- Biovail Corp.’s founder and former Chief Executive Eugene Melnyk has dropped a proposed suit that sought to bar the Canadian pharmaceutical company and its executives from violating Canadian proxy rules in the lead-up to the company’s annual meeting in June.

Melnyk had filed an application on March 20 seeking to launch a suit against Biovail and its interim Chairman and Chief Executive Douglas Spires in the the Ontario Superior Court. He withdrew the claim just days before the court was to hear the matter, Biovail said...
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