SPOTLIGHT: Biovail and its execs charged with fraud

The Securities and Exchange Commission charged Biovail, its founder Eugene Melnyk (photo), and three other current and former executives with fraud, alleging that they repeatedly overstated earnings and hid losses. The company will pay a $10 million fine to settle its case, but charges against Melnyk, former CFO Brian Crombie, current controller John Miszuk, and current CFO Kenneth Howling remain outstanding. The two current executives have been reassigned to non-officer roles within the company.  Release | Report

Suggested Articles

Post-Tesaro buyout, don’t expect GlaxoSmithKline to spring for more commercial-stage oncology products anytime soon.

Already a fast-growing blockbuster, Novo Nordisk's injectable Ozempic won a major heart-helping FDA nod that could bode well for its oral sibling.

Bayer's new Vitrakvi for tumors with NTRK gene fusions is meeting skepticism in England and Germany, where cost watchdogs on Friday rejected it.