Specifically, the lawsuit states that the action arises from a massive, illegal and continuing stock market manipulation scheme, which targeted the common stock of Biovail and severely harmed its investors, and which has resulted in immense ill-gotten profits for S.A.C. Capital and other extremely powerful hedge funds.

The complaint alleges that, "At the core of this scheme was defendants' preparation of a massive and fraudulent disinformation campaign attacking the stock of Biovail and other targeted publicly-traded companies, including the preparation of ostensibly objective, but in fact biased, analyst reports; defendants' accumulation of short positions in the stock of those companies -- i.e., bets that the stock prices would decline; and defendants' subsequent unleashing of the disinformation campaign and biased analyst reports on the unsuspecting trading public -- thus bringing about the sought-after stock price declines and the resulting immense profits for defendants and commensurate harm to the plaintiff," the lawsuit continues. "Defendants' scheme thus attacked the very basis for the financial markets -- the free and fair disclosure and dissemination of information concerning publicly-traded stocks."

The lawsuit is open to any person that owned shares of Biovail Corporation between 2003 and 2004.