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ARTICLE · 19 OCTOBER 2010

OSC Decision in Biovail Corporation and Eugene Melnyk

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On September 30, 2010, a Panel of the Ontario Securities Commission (the OSC or the Commission) released its decision in the Matter of Biovail Corporation and Eugene N. Melnyk, et al.

CanadaFinance and Banking
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Article by Kara Beitel
Editor: David Di Paolo

On September 30, 2010, a Panel of the Ontario Securities Commission (the OSC or the Commission) released its decision in the Matter of Biovail Corporation and Eugene N. Melnyk, et al. The hearing was held over 27 days in March, April and June, 2009 and centred on whether Biovail Corporation (Biovail) and its founder and then Chairman and CEO, Eugene Melnyk (Melnyk) made statements that were, in a material respect, misleading or untrue. Although Biovail and other senior officers had previously entered into settlements with the OSC, the Commission found it was necessary to make certain findings in relation to Biovail's conduct in order to render a decision on whether Melnyk had breached provisions of the Ontario Securities Act (the Act), or alternatively, acted contrary to the public interest.

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