Corporate Blame Shifter in Federal Probe
One of my favorite corporate blame-shifters, the Canadian pharmaceutical company and unsuccessful junk-lawsuit-filer Biovial, had some bad news today: a federal grand jury investigation.
I wonder if the CBS News program 60 Minutes, which ran an indescribably dumb segment on Biovail's withdrawn lawsuit against short-sellers, is going to do a segment on this really sobering development.
Biovail said "it faces a government probe that could lead to civil and criminal charges related the launch of blood pressure medication Cardizem LA."
The stock actually went down on the news, rather than enjoying what I would call a "Patrick Byrne rally" -- a suspicious gain on a day of bad news.
© 2007 Gary Weiss. All rights reserved.