Biovail faces lawsuit over depression drug

NEW YORK - Canadian drug developer Biovail Corp. said Thursday it is being sued by investors who allege it made misleading statements during the approval process for the depression drug Aplenzin. The lawsuit, filed in U.S. District Court for the Southern District of New York, was filed on behalf of investors buying Biovail shares between Dec. 14, 2006, and July 19, 2007. Biovail said it believes lawsuit's claims are without merit. In a separate statement, the law firm representing the plaintiffs said the lawsuit charges that the company made false and misleading statements about Aplenzin. Specifically, Coughlin Stoia Geller... [read full story]