In September 2005, Siskinds filed a class action in the Ontario Superior Court of Justice against Biovail Corporation, Eugene Melnyk and three other officers of Biovail (the "Canadian Action"). The Canadian Action was filed on behalf of the Canadian Commercial Workers Industry Pension Plan, and concerned alleged misrepresentations relating to certain of Biovail's key, pharmaceutical products. The Canadian Action was brought on behalf of persons and entities who purchased Biovail shares from February 7, 2003 to March 3, 2004 (the "Class Members"). A similar class action was filed against Biovail and certain of its officers and directors in the United States (the "U.S. Action").
In 2008, the plaintiffs in the Canadian and U.S. Actions entered into Settlement Agreements with the defendants. The Settlement Agreements provide for the payment by the defendants of US$138 million to settle the claims in the Actions. Under the Settlement Agreements, Biovail has also agreed to adopt and continue significant corporate reforms.
The Settlement Agreement in the Canadian Action is subject to the approval of the Ontario Superior Court of Justice. On April 17 , 2008, the Honourable Justice Helen Rady of the Ontario Superior Court of Justice issued an Order certifying the Canadian Action for settlement purposes and authorizing the distribution of a notice of the proposed settlement of the Actions to the Class Members (the "Certification Order").
Pursuant to the Certification Order, a hearing was held on September 15, 2008 to consider the fairness of the Settlement Agreement. As a result of that hearing, Justice Rady issued an order approving the Settlement as fair, reasonable and in the best interests of the Class (the "Approval Order"). The Approval Order also dismissed the action against the Defendants.
The Notice which provided information regarding the terms and rational for the settlement, and announcing the dates by which Class Members had to have taken action to object, opt out of, or file a claim under the settlement, as well as the applicable Proof of Claim and Release form, may be accessed by clicking on the links below. It should be noted however, that all objection, opt out and claim submission dates have already passed.
- Notice of Pendency of Class Action and Proposed Settlement [English] [French]
- Proof of Claim [English] [French]
The settlement has now concluded and all approved claims have been paid.