SEC Targets Biovail Over Trading Issues

Law360, New York (April 3, 2006, 12:00 AM EDT) -- Canada’s biggest pharmaceutical company, Biovail Corporation, disclosed in its annual form that it has received a subpoena from the U.S. Securities and Exchange Commission regarding the ownership and trading of the firm’s shares.

Biovail noted in its annual 20-F form on Monday that it received the subpoena from the SEC on March 17, and that the U.S. regulator’s inquiries appear to be similar to those of an investigation launched against the drug company by the Canadian regulatory agency, the Ontario Securities Commission.

In November 2003, the...
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