Concerned Shareholders of Biovail seek court order declaring Biovail AGM illegally convened;

    Say Biovail seeing tide changing against management - with six million
    votes revoked - and no quoroum at meeting, secretly met to change rules

    TORONTO, June 25 /CNW/ - The Concerned Shareholders of Biovail (TSE:BVF)
said that their lawyers will be in court today and will seek a declaration
that the Biovail Corporation (NYSE:   BVF) Annual General Meeting was illegally
held and will request that a proper meeting be convened. This followed the
Concerned Shareholder being advised early this morning that over 10% of the
shares voted in favour of the incumbent slate had been revoked.
    "Biovail obviously heard what we were hearing," Eugene Melnyk said, "and
that was that the momentum was shifting. They knew that without my shares they
would not have a quorum to hold the meeting and so they secretly met early
this morning to change the rules to suit their purposes in violation of
applicable law and a negotiated protocol that had been agreed to between the
parties, thereby preventing Biovail shareholders from reconsidering their
    "We think this says a lot about corporate governance at Biovail - or the
lack thereof -- their desperation to keep their jobs and their willingness to
change any rule to suit their needs when under pressure. We are optimistic the
Court will agree that the AGM was illegally held and that a new meeting needs
to be held," he said.

For further information:

For further information: Canadian Media - Duncan Fulton, (416) 645-3655;; United States Media - Mike Sitrick, (310)

Organization Profile


More on this organization


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890