Biovail gets Wells Notice from SEC

Specialty pharmaceutical company Biovail Corp. said on Monday it received a notice from U.S. regulators alleging it violated securities laws.

The Canadian company said it received a so-called Wells Notice from the U.S. Securities and Exchange Commission relating to its fiscal 2003 accounting, a 2002 acquisition, and revenue recognition issues.

A Wells Notice from the SEC signals the agency's intent to recommend civil action for possible SEC violations.

The company said it is cooperating with the SEC.

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- Posted: 2007-05-14 10:16:52

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