SAC Capital Management
ORG
SAC SAC Capital Management SAC Capital
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. Ed Tagliaferri, a spokesman for SAC, said that these allegations against SAC were outrageous and defamatory and SAC will defend itself and its investment practices vigorously. The complaint, which seeks damages of $4.6 billion, lists 22 defendants, including Steven A. Cohen, the founder of SAC; various of his affiliate funds and their employees.