Biovail: another naked short selling poster child exposed


With the former CEO of naked short selling conspiracy theory poster child Richard Altomare locked up, the group Gary Weiss calls the baloney brigade is badly in need of a new commander in crap.

Well it looks like they can forget about Biovail Corporation (NASDAQ: BVF). Fortune's Roddy Boyd reports that, a couple months after the company settled an SEC complaint for $10 million, "The big Canadian drug company agreed Friday to plead guilty to U.S. kickback and conspiracy charges ... Biovail and a New Jersey-based subsidiary will pay a $24.6 million fine to avoid a court case that could have cost them future business with federal agencies."

Gradient Analytics -- which had published negative research about Biovail and head cry baby Overstock.com, Inc. (NASDAQ: OSTK) and was subsequently sued by both companies -- appears to have been right on the money in its criticisms of Biovail.

Moral of story: when a company starts suing people and lashing out at its critics, sell the stock. That philosophy would have saved people a ton of money on Biovail.
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Last updated: February 13, 2012: 06:12 AM

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