Lost in the Translation
Biovail press release concerning its junk lawsuit against hedge funds and analysts, entitled "Biovail Says Settlement With Maris, BAS Expected to Be Helpful in Suit Against Hedge Funds and Others":
Biovail said that in fact, today's settlement agreement with Banc of America Securities and one of its former analysts David Maris, is expected to be extremely helpful in Biovail's pursuit of its lawsuit. The company said that the settlement provides, among other things, an agreement by Mr. Maris to provide substantial sworn testimony, voluntary production of material documents from BAS and Mr. Maris and the right to demand additional discovery of BAS and Mr. Maris which would include all relevant materials, such as e-mails, correspondence, tape recordings and trading records.
David Maris press release:
Oh my. One of them is lying.
"I am pleased that Biovail has dropped the baseless lawsuit it concocted against me and given me a complete release of claims," Mr. Maris said.
"However, contrary to the suggestion in a press release issued by Biovail on September 10, I am not cooperating with Biovail," he added.
"Under my Settlement Agreement with Biovail and the company's former chairman and CEO Eugene Melnyk, I have no obligation to cooperate with Biovail or to answer any questions unless Biovail seeks to depose me," Mr. Maris continued.
If Biovail does seek to depose him, Mr. Maris said he will respond truthfully to questions asked by all parties, including Biovail.
"Although Biovail is free to depose me, I don't believe my answers will assist the company in its cause. To the contrary, I am unaware of any conspiracy against Biovail and do not believe any such conspiracy ever existed," Mr. Maris's statement concluded.
Here's an American Lawyer article on the whole Biovail mess.
© 2007 Gary Weiss. All rights reserved.
Wall Street Versus America was published by Penguin USA on April 6.
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