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February 26, 2006
Biovail files suit against hedge funds
Biovail Corp., has filed a suit in New Jersey Superior Court, seeking $4.6 billion in damages from 22 defendants, mostly hedge funds and investment researchers. Biovail is one of Canada's largest drug maker and has alleged that the company has been made a target of a fraudulent disinformation campaign. Newsday.com reports:
The Mississauga, Ontario-based pharmaceutical company claims in its suit that the defendants sought to lower its share price for their own advantage. The suit alleges that since spring 2003 to the present, the defendants orchestrated so-called "bear attacks" against Biovail that artificially drove down the price of its stock to the hedge funds' advantage.
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