Biovail (NYSE: BVF), a poster child for accounting fraud and the "blame it on short sellers!" diversion strategy, has hired yet another chief financial officer, announcing that Peggy Mulligan will take over for interim finance chief Adrian A. De Saldanha, who had held the position since March.In March, Biovail paid $10 million to the SEC to settle charges related to improper accounting and false and misleading statements. Former CFOs Brian Crombie and Kenneth G. Howling were implicated in that mess. So Ms. Mulligan has a tough act to follow: she'll have to produce results legally!
Shares of Biovail are trading near their lowest price of this millennium, understandable given that phony accounting and vast conspiracy theories are no longer there to prop up the stock price.
Biovail plans to spend more than $600 million on research and development over the next five years, in an effort to create real shareholder value.
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