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ENFORCEMENT PROCEEDINGS - SEC Obtains Stipulated Judgment Against Former Biovail CEO on Stock Accumulation Disclosure Charges

Posted on: Wed, 04 Feb 2009 16:59:00 EST

Symbols: BVF

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Feb 04, 2009 (SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via COMTEX) --
BVF | Quote | Chart | News | PowerRating -- The Commission announced that the United States District Court has entered a stipulated judgment against Eugene Melnyk, Biovail Corporation's former chairman and chief executive officer, with respect to violations of the stock accumulation disclosure provisions of the federal securities laws alleged by the Commission in a civil enforcement action filed in March 2008. The stipulated judgment permanently enjoins Melnyk from future violations of Section 13(d) of the Exchange Act and Rules 13d-1 and 13d-2 and imposes a civil penalty in the amount of $1,000,001. The Commission's securities fraud charges against Melnyk in that action remain pending.

The Commission's complaint alleges, among other things, that Melnyk violated the stock accumulation disclosure provisions by failing to include in his Schedule 13D filings Biovail shares held in several off-shore trusts that Melnyk controlled.

The complaint also alleges that Biovail, Melnyk, former chief financial officer Brian Crombie, former controller John Miszuk, and former chief financial officer Kenneth G. Howling violated the antifraud and other provisions of the federal securities laws. These claims remain pending against all defendants except Biovail. Biovail previously settled with the Commission by consenting to a judgment that, among other things, imposed a $10 million civil penalty. [SEC v. Biovail Corporation, Eugene Melnyk, Brian Crombie, John Miszuk, and Kenneth G. Howling, 08 Civ. 02979 (LAK) (S.D.N.Y.)] (LR-20880)

For full details on Biovail Corp (BVF) BVF. Biovail Corp (BVF) has Short Term PowerRatings at TradingMarkets. Details on Biovail Corp (BVF) Short Term PowerRatings is available at This Link.

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