Biovail In Trouble With Shareholders Over Aplenzin

Law360, New York (October 9, 2008, 12:00 AM EDT) -- Two months after settling a securities class action for $138 million, pharmaceutical giant Biovail Corp. faces another potentially expensive shareholder suit, alleging it misled investors about documents it filed with the U.S. Food and Drug Administration to win approval of an antidepressant.

In a lawsuit filed Thursday in the U.S. District Court for the Southern District of New York, the Fort Worth Employees Retirement Fund accuses the Canadian company of misleading the public about its drug Aplenzin.

The suit alleges that Biovail and three of its...
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