Biovail Acknowledges Wells Notices Received by Company Executives.TORONTO -- Biovail Corporation (NYSE NYSE See: New York Stock Exchange , TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency ) today acknowledged that, in addition to the previously disclosed "Wells Notice A Wells Notice is a letter that the U.S. Securities and Exchange Commission sends to people or firms when it is planning to bring an enforcement action against them. The Wells Notice indicates that the SEC staff has determined it may bring a civil action against the target. " received by the Company, two of its executives have been informed by the staff of the U.S. Securities and Exchange Commission (SEC) that they will receive "Wells Notices". The issues raised today by the staff of the SEC are similar to the issues raised in the Company's "Wells Notice", as detailed in Biovail's news release dated May 14, 2007, but vary between the individuals. The individuals who have been contacted by SEC staff this evening are: Chairman Eugene Melnyk Eugene Melnyk (born May 27, 1959 in Toronto, Ontario) is a Canadian businessman of Ukrainian origin who now resides in Barbados. He is the chairman and chief executive officer of Biovail Corporation. , and Kenneth Howling, Senior Vice-President and Chief Financial Officer. The Company understands that the SEC staff is also in the process of giving similar notification to a former financial officer of the Company and one other current Company executive. As to Mr. Melnyk, the SEC staff also indicated its intention to recommend enforcement action with respect to trading and reporting ownership positions in Biovail securities. With regard to Mr. Howling, the staff's allegations relate to issues arising out of his former role with the Company in managing communications and investor relations Investor relations The process by which the corporation communicates with its investors. . Under the Wells process established by the SEC, the recipients have the opportunity to respond to the "Wells Notice" before the staff makes a formal recommendation regarding what action, if any, should be brought against the recipients by the Commission. Biovail continues to co-operate with the SEC in connection with this matter. About Biovail Corporation Biovail Corporation is a specialty pharmaceutical company, engaged in the formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation , clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. For more information about Biovail, visit the Company's Web site at www.biovail.com. For further information, please contact Nelson F. Isabel at 905-286-3000 or send inquiries to ir@biovail.com. |
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