SAN DIEGO, Oct 09, 2008 (BUSINESS WIRE) -- Coughlin Stoia Geller Rudman & Robbins LLP ("Coughlin
Stoia") (http://www.csgrr.com/cases/biovailcorp/)
today announced that a class action has been commenced on behalf of an
institutional investor in the United States District Court for the
Southern District of New York on behalf of purchasers of Biovail
Corporation ("Biovail")
(NYSE:BVF) securities during the period between December 14, 2006 and
July 19, 2007 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, Darren Robbins of
Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com.
If you are a member of this class, you can view a copy of the complaint
as filed or join this class action online at http://www.csgrr.com/cases/biovailcorp/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.

The complaint charges Biovail and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Biovail is a
specialty pharmaceutical company engaged in the formulation, clinical
testing, registration, manufacture, and commercialization of
pharmaceutical products utilizing advanced drug-delivery technologies.

The complaint alleges that during the Class Period, defendants made
false and misleading statements about a drug in development called
BVF-033, a salt formulation of bupropion, an antidepressant commonly
known as Wellbutrin XL. Specifically, defendants'
statements failed to disclose that while the FDA required a single dose
study to demonstrate the bioequivalence of generic Wellbutrin XL,
defendants had submitted a multiple-dose study to demonstrate the
bioequivalence of BVF-033. Thus, defendants'
FDA application for BVF-033 failed to meet the requirements set forth by
the FDA such that approval was likely to be materially delayed.

On July 20, 2007, before the market opened, the Company issued a press
release announcing that it had received a non-approval letter from the
FDA for its new drug application for BVF-033. As a result of this
disclosure, Biovail's stock price dropped
from $25.51 per share to $20.03 per share in a single day.

Plaintiff seeks to recover damages on behalf of all purchasers of
Biovail securities during the Class Period (the "Class").
The plaintiff is represented by Coughlin Stoia, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Philadelphia and Atlanta, is active in major litigations pending in
federal and state courts throughout the United States and has taken a
leading role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights violations.
The Coughlin Stoia Web site (http://www.csgrr.com)
has more information about the firm.

SOURCE: Coughlin Stoia Geller Rudman & Robbins LLP

Coughlin Stoia Geller Rudman & Robbins LLP 
Darren Robbins, 800-449-4900 or 619-231-1058 
djr@csgrr.com

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