Biovail Corp. has taken a page from the George Steinbrenner/Billy Martin playbook in order to reignite its well-publicized conspiracy suit against short-sellers and analysts. The Canadian drugmaker has rehired its former lead firm in the case — Kasowitz, Benson, Torres & Friedman. Biovail fired Kasowitz last March amid legal proceedings surrounding the company’s misuse of court-protected documents.
The suit began in February 2006, when Biovail sued analysts and hedge funds, including SAC Capital and its founder Steven Cohen, in New Jersey state court. Biovail claims that it was the victim of a conspiracy to spread false information about it in an effort to depress its stock and profit. The company’s chairman at the time, Eugene Melnyk, appeared on “60 Minutes” to tout the complaint.
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