Patchie - again thanks for picking up this report. NY POST had reported apparently erroneously re Biovail litigation alleging conspiracy vs hedge funds and analysts.
From: Patchie 9/11/2007 1:13:25 PM
of 100429
Anybody here notice that Boyd's overzealous reporting was all screwed up...Notice he did not have the courage to retract his statements. Then again - Boyd and Weiss went to the same business journalist ethics program taught by Herb Greenberg.
Biovail-BVF Maris, BAS settlement expected to be helpful in suit vs hedge funds
Biovail Corporation Monday said Monday that, contrary to implications in an article published by the New York Post today, it very much intends to proceed with its lawsuit against a group of hedge funds, analysts, investment and brokerage firms that Biovail alleged conspired to manipulate the market and drive down Biovail's share price to benefit their own stock positions. Biovail said that in fact, today's settlement agreement with Banc of America Securities and one of its former analysts David Maris, is expected to be extremely helpful in Biovail's pursuit of its lawsuit. The company said that the settlement provides, among other things, an agreement by Mr. Maris to provide substantial sworn testimony, voluntary production of material documents from BAS and Mr. Maris and the right to demand additional discovery of BAS and Mr. Maris which would include all relevant materials, such as e-mails, correspondence, tape recordings and trading records. Biovail said that the settlement actually resolved issues arising out of the recent lengthy sanctions hearings before Judge Richard Owen in New York federal cour. The company said that the article was also misleading and inaccurate in that it never named BAS in its lawsuit and thus, contrary to the NY Post report, it could not have dropped the bank from its suit. |
