On March 25, 2019 the Claims Administrator conducted a supplemental distribution, disbursing the remaining balance of the Net Settlement Fund to Class Members who cashed their initial distribution check (mailed on or about April 13, 2011), and whose pro rata share of this distribution calculated to at least $10. If you received a check from this recent distribution, please cash it promptly. Failure to cash the check by the void date may result in the forfeiture of the funds.
A Settlement for $138 million in cash and certain corporate governance changes was agreed to in the securities class action styled In re Biovail Corporation Securities Litigation, Master File No. 03-CV-8917 (GEL), in the United States District Court for the Southern District of New York (“U.S. Action”).
The Class consisted of: all persons and entities who purchased the common stock of Biovail on the New York Stock Exchange or other U.S. stock exchanges or the Toronto Stock Exchange or other Canadian stock exchanges during the period from February 7, 2003 through and including March 2, 2004.
The Settlement was approved by the Court.
No new Proofs of Claim may now be accepted for any reason whatsoever.
No further Exclusion requests may be submitted.
At this time claims processing has concluded.
There is one group of claims that was rejected that has filed an appeal of the rejection of their claims.
The District Court has approved a distribution to the accepted claimants, subject to a reserve being held from the distributions to those claimants whose payments would otherwise be $100 or more, so that funds will be available if the claimants pursuing their appeal are successful.
The distribution to the accepted claimants is scheduled for April 13, 2011.