TORONTO, Dec. 11 /CNW/ - The Ontario Teachers' Pension Plan Board (OTPP)
today announced that a $138 million cash settlement agreement has been reached
in the securities fraud class action against Biovail Corporation and certain
of its officers.
OTPP is the court-appointed co-lead plaintiff in the Biovail Securities
Litigation pending in the United States District Court for the Southern
District of New York. OTPP, with co-lead plaintiff Local 282 Welfare Trust
Fund, led the prosecution of this litigation on behalf of a class of investors
who purchased Biovail common stock during the period February 7, 2003 through
March 2, 2004. The complaint alleges that defendants made a series of false
and misleading statements regarding the launch of Cardizem LA in 2003. The
settlement was reached after nearly four years of intensive litigation, and is
the second largest settlement of a securities case involving a Canadian
issuer, behind only Nortel, another class action in which OTPP served as
co-lead plaintiff. The settlement will also include corporate governance
relief to be negotiated.
Commenting on the settlement, President and Chief Executive Officer of
OTPP, Jim Leech, stated: "This is an excellent recovery and reflects the
impact that institutional investors like OTPP can have in securities class
actions. We are pleased to obtain this recovery on behalf of the class and our
more than 271,000 active and retired teachers, for whom we invest."
The settlement is subject to approval by the United States District Court
for the Southern District of New York. OTPP was represented in this case by
Bernstein Litowitz Berger & Grossmann LLP, court-appointed co-lead counsel.
With over $106 billion in net assets as of December 31, 2006, Ontario
Teachers' Pension Plan is the largest single-profession pension plan in
Canada. An independent organization, it invests the pension fund's assets and
administers the pensions of 271,000 active and retired Ontario teachers.
For further information:
For further information: Deborah Allan, Director, Communications, (416)