Canada Takes Aim At Biovail Chair In Trading Probe

Law360, New York (August 2, 2006, 12:00 AM EDT) -- After looking more closely at trades in company stock made by Biovail Corp. insiders, Canadian regulators have alleged the pharmaceutical company’s founder and chairman failed to report certain trades and to disclose company holdings.

Eugene Melnyk denied the allegations made by the Ontario Securities Commission (OSC) on Monday, but his immediate response failed to stop Biovail’s stock from taking a 4% nosedive.

The OSC, Canada’s major securities regulator, accused Melnyk of establishing four trusts in the Cayman Islands in 1996 and of funneling more than 4...
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