Bernstein Litowitz and Milberg LLP Announce the Proposed Settlement of a Securities Class Action Lawsuit against Biovail Corporation and Certain of Its Officers or Directors for U.S.$138 Million in Cash
This Notice relates to the following actions:
In re Biovail Corporation Securities Litigation, Master File
No. 03-CV-8917 (GEL) in the United States District Court for the
Southern District of New York ("U.S. Action").
Canadian Commercial Workers Industry Pension Plan against Biovail
Corporation, Eugene N. Melnyk, Brian H. Crombie, John R. Miszuk and
Kenneth G. Howling, Court File No. 48172 CP in the Ontario
Superior Court of Justice ("Canadian Action").
A summary notice has been issued as follows:
Summary Notice of Pendency of Class Action and Proposed Settlement, and
Settlement Fairness Hearing
TO: all persons and entities who purchased the common stock of Biovail
Corporation on the New York Stock Exchange or other U.S. stock exchanges
or the Toronto Stock Exchange or other Canadian stock exchanges during
the period from February 7, 2003, through and including March 2, 2004
(the "Class").
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of
Civil Procedure and an Order of the Court, that the U.S. Action has been
certified as a class action and that a Settlement for U.S.$138 million
in cash has been proposed. A hearing will be held before the Honorable
Gerald E. Lynch in the United States District Court, 500 Pearl Street
New York, New York 10007 at 11:00 a.m., on August 8, 2008 to determine
(i) whether the proposed Settlement should be approved by the Court as
fair, reasonable, and adequate; (ii) whether the proposed Plan of
Allocation of the net proceeds of the Settlement should be approved by
the Court as fair and reasonable; and (iii) to consider the application
of Plaintiffs´ Co-Lead Counsel for attorneys´ fees and reimbursement of expenses.
YOU ARE ALSO NOTIFIED that a settlement of the Canadian Action, a
parallel action commenced in Ontario, has been reached, principally
based on the same relief negotiated in the U.S. Action. A hearing will
be held at the Ontario Superior Court of Justice, 80 Dundas St., London
Ontario, N6A 6A3, at 10:00 a.m. on September 15, 2008, to determine
whether the settlement is fair, reasonable and in the best interests of
class members.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE
AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you
have not yet received the full printed Notice of Pendency of Class
Action and Proposed Settlement, Motion for Attorneys´ Fees and Settlement Fairness Hearing (the "Notice")
and a Proof of Claim form, you may obtain copies of these documents by
contacting the Claims Administrator:
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In re Biovail Securities Litigation
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c/o Complete Claim Solutions, LLC, Claims Administrator
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Post Office Box 24640
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West Palm Beach, FL 33416
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(877) 465-5582
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www.BiovailSecuritiesLitigationSettlement.com
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The U.S. and Canadian Actions are being resolved through a single
Settlement Fund. However, there will be no distribution of funds through
the Canadian Action. The only Proof of Claim form that will be
distributed is the claim form in the U.S. Action.
To participate in the Settlement Fund, you must submit a Proof of Claim
no later than September 8, 2008. If you are a Class Member and do not
exclude yourself from the Class, you will be bound by the Judgments of
the Courts. To exclude yourself from the Classes, you must submit a
request for exclusion postmarked no later than July 8, 2008, which will
exclude you from both actions. Any objections to the proposed
Settlement, Plan of Allocation and/or the application for attorneys´ fees and reimbursement of expenses must be served and filed by July 8
2008. Requests for exclusion and objections must be made in accordance
with the instructions set forth in the Notice. If you are a Class Member
and do not submit a proper Proof of Claim, you will not share in the
Settlement Fund but you nevertheless will be bound by the Judgments of
the Courts.
PLEASE DO NOT CONTACT THE COURTS OR THE CLERKS´ OFFICES REGARDING THIS NOTICE. Inquiries regarding the U.S. Action
other than requests for the Notice and Proof of Claim, may be made to
Plaintiffs´ Co-Lead Counsel:
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Steven B. Singer, Esq.
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Bernstein Litowitz Berger & Grossmann LLP
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1285 Avenue of the Americas
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New York, NY 10019
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(212) 554-1400
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Sanford P. Dumain, Esq.
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Milberg LLP
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One Penn Plaza
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New York, NY 10119-0165
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(212) 594-5300
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Canadian Class Counsel are: Charles M. Wright and A. Dimitri Lascaris at
Siskinds LLP, 680 Waterloo Street, London, ON N6A 3V8, Tel: (519)
672-2121, and Michael D. Wright at Cavalluzzo Hayes Shilton McIntyre &
Cornish LLP, 474 Bathurst Street, Suite 300, Toronto, ON M5T 2S6.
By Court Order