The Meadowvale-based pharmaceutical giant said it "will defend itself vigorously" against the action, launched in New York. The lawsuit alleges that Biovail made misleading statements because it did not disclose that it had not met certain conditions set by the United States Federal and Drug Administration as part of the approval of a drug called Aplenzin.
Aplenzin is an anti-depressant which was approved last year. The class-action suit was filed by an American law firm on behalf of those who bought Biovail shares between Dec. 14, 2006 and July 19, 2007.
As well as naming the company, the suit also seeks damages against former Biovail CEO Douglas Squires and two former senior officers.
jstewart@mississauga.net
