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Case ID: 5206 | Stocks | 10/20/2008
On October 09, 2008, an order scheduling an initial pre-trial conference was entered.
According to a press release dated October 9, 2008, the complaint charges Biovail and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Biovail is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. The complaint alleges that during the Class Period, defendants made false and misleading statements about a drug in development called BVF-033, a salt formulation of bupropion, an antidepressant commonly known as Wellbutrin XL. Specifically, defendants’ statements failed to disclose that while the FDA required a single dose study to demonstrate the bioequivalence of generic Wellbutrin XL, defendants had submitted a multiple-dose study to demonstrate the bioequivalence of BVF-033. Thus, defendants’ FDA application for BVF-033 failed to meet the requirements set forth by the FDA such that approval was likely to be materially delayed. On July 20, 2007, before the market opened, the Company issued a press release announcing that it had received a non-approval letter from the FDA for its new drug application for BVF-033. As a result of this disclosure, Biovail’s stock price dropped from $25.51 per share to $20.03 per share in a single day.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest The parties have reached a tentative $11.7 million settlement of several class actions filed against networking solutions business FORE Systems, Inc. (formerly Nasdaq: FORE) and certain of its officers and directors by stockholders who purchased the company's common stock between July 19, 1996, and April 1, 1997. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. To recover under the settlement, a completed proof of claim postmarked no later than January 14, 2004, must be mailed to the claims administrator. A class action has been filed against Guidant Corporation (GDT), certain of its officers and directors by stockholders who purchased the company's common stock between December 15, 2004 and November 3, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Ligand Pharmaceuticals, Inc., a San Diego, CA based biopharmaceutical company (NASDAQ: LGND) and certain of its officers and directors by stockholders who purchased the company’s common stock between July 28, 2003 and August 2, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Navarre Corp. (NasdaqNM:NAVR), certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2003 and May 31, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Kahn Gauthier Swick, LLC (“KGS”) announces that it has filed suit against Xinhua Finance Media Ltd. ("Xinhua" or the "Company") (NasdaqNM:XFML), in the United States District Court for the District of New York, on behalf of shareholders who purchased shares of the Company in connection with its $300 million Initial Public Offering (“IPO”) on or about March 9, 2007 or thereafter in the open market. KGS has expanded the lawsuit’s defendants beyond the Company and its underwriters, to now include additional officers and directors, including Graham Earnshaw, Aloysius T. Lawn, John H. Springer, Zhoa Li, Long Qiu Yun and Zhu Shan. Xinhua, the underwriters and these additional defendants are charged with including false and misleading statements in the Registration Statement and Proxy-Prospectus issued in connection with the IPO in direct violation of the Securities Act of 1933. A class action has been filed against Eastman Kodak Company (NYSE:EK), certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2003 and September 25, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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