$4.6B Biovail Suit Attacks Shorting By Hedge Funds

Law360 (February 23, 2006, 12:00 AM EST) -- Canada’s largest pharmaceutical company, Biovail Corporation, has filed a $4.6 billion lawsuit against 22 institutional and individual investors, alleging that powerful hedge funds conspired with Wall Street analysts in a plot to drive down the company’s shares.

The complaint, filed this week in a New Jersey state court, names hedge funds SAC Capital Management LLC and Sigma Capital Management LLC, as well as research shop Gradient Analytics and Bank of America analyst David Maris, among others, claiming the Wall Street bigwigs participated in a “massive, illegal,...
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