FierceFinanceFierceFinanceITFierceSarbox   FierceCIO
About | Sample | Privacy

Biovail's case for short conspiracy debunked?

Tools
Tags
Hedge Funds
Biovail
SAC Capital
Kickbacks
Conspiracy
Bribery
Research Analysts
feds

Recall that in early 2006, Biovail filed a $4.6 billion suit that charged 24 hedge funds and research analysts with engaging in a scheme to push the company's stock with lies and planted stories in the media. The debate was widely covered, and ensnared some really big names, such as SAC Capital. But Fortune notes the company just settled federal charges of kickbacks and conspiracy related to the launch of a new drug that touched on the issue raised by hedge funds. In a press statement, the feds seemed to agree with hedge funds that a program that paid doctors to prescribe the drug was a bit over the top. In short, it lent credence to the arguments from the shorts that the company was engaging in nothing short of bribery.  

For more:
- here's the Fortune article

Related Articles:
Biovail news: No Sarbox charges yet?
Stock analyst sues firm over Biovail incident
How a bear raid might work

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.

More information about formatting options

What is 27 + 38?
To combat spam, please solve the math question above.