Biovail Corporation
ORG
Biovail Corporation Biovail
The Biovail Corporation, a Canadian pharmaceutical company, has sued SAC Capital Management, one of the most powerful hedge funds on Wall Street, accusing it of colluding with independent research providers to issue misleading reports to drive down the price of Biovail's stock. Biovail's true issue is the valuation that the public markets place on their common stock. Biovail reported quarterly earnings that were weaker than expected and its stock fall sharply. Biovail sees another force behind the decline in the stock: it accuses the hedge funds of conspiring with proclaimed independent research providers to create reports with the express purpose of battering its stock price.