Navigation Links
Biovail Concerned Shareholders Want Open Debate
Date:6/17/2008

Biovail CEO Refuses to Meet; Concerned Shareholders Believe It Reflects Unwillingness To Confront Issues and to Reveal His Inexperience and Lack of

Industry Knowledge

June 17 Conference Call with Analysts Available on BetterBiovail.com

All Shareholders Urged to See New Video and Vote Their YELLOW Proxy

TORONTO, June 17 /PRNewswire-FirstCall/ -- The Concerned Shareholders of Biovail Corporation (NYSE: BVF)(TSX: BVF) said today that a refusal by Biovail CEO William Wells to participate in a debate with Bruce Brydon, Concerned Shareholders' proposed CEO, sends a chilling message to Biovail shareholders.

"To make an informed vote, shareholders need a chance to evaluate each side," said a spokesman for The Concerned Shareholders. "Mr. Wells has limited experience in the pharmaceutical industry, and we believe his refusal to participate in a debate demonstrates is he is afraid to show -- one-on-one -- his lack of knowledge."

Mr. Wells's refusal to debate comes on the heels of an analysis by Glass Lewis & Co. that sharply criticizes the company and recommends a no-vote for all the company's nominees. The report also calls the appointment of Mr. Wells as CEO "inappropriate from a corporate governance standpoint" and suggests that there was an appearance of a conflict of interest in awarding lavish compensation packages to Mr. Wells and his predecessor at a time when the company is struggling financially.

"We believe Mr. Wells has limited knowledge of the industry and inadequate experience to run the company," the spokesman said. "But shareholders deserve to see his level of knowledge first hand -- face to face with Bruce Brydon, who has 30 years experience."

The Concerned Shareholders ask the incumbent Biovail Board and Mr. Wells to reconsider their stance and agree to the debate with Mr. Brydon.

"If they do not, we urge shareholders to take note of what this says," said the spokesman. "Do they want a Board and management team that is afraid to show shareholders what they know and what they don't know? Or do they want a Board and a leader who wants an open debate?"

All shareholders are urged to vote the YELLOW proxy in favour of the Concerned Shareholders slate of nominees. Copies of the proxy circular prepared by the Concerned Shareholders can be obtained via SEDAR (http://www.sedar.com) and http://www.betterbiovail.com or by contacting in Canada, Kingsdale Shareholder Services Inc. toll-free at 1-800-775-1986 or collect at 1-416-867-2272, or in the United States, Innisfree M&A Incorporated toll-free at 1-877-717-3929.

Certain statements contained in this release constitute forward-looking statements. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Concerned Shareholders, the Concerned Shareholders' nominees, the Company or its current or future management, are intended to identify forward-looking statements. Such statements reflect the Concerned Shareholders' or the Concerned Shareholders' nominees' current views with respect to future events and are subject to certain risks, uncertainties and assumptions. The Concerned Shareholders' nominees assume no responsibility for any such statements. Many factors could cause the company's actual results, performance or achievements that may be expressed or implied by such forward- looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include, but are not limited to, economic, business, technological, competitive and regulatory factors.


'/>"/>
SOURCE Bruce Brydon
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Former Banc of America Securities Analyst David Maris Comments on Decision by Biovail to Drop Its Claims Against Him; Denies That He is Cooperating With Biovail
2. Cell Therapeutics, Inc. Special Meeting in Lieu of Annual Meeting of Shareholders Scheduled for Thursday, June 19, 2008
3. Bioheart, Inc. to Host Annual Meeting of Shareholders on Wednesday, July 30, 2008
4. Dragon Pharma Announces June 26, 2008 for 2008 Annual Shareholders Meeting
5. Medco CEO to Shareholders: Delivering Results, Driving Shareholder Value
6. Spherix Holds Annual Shareholders Meeting
7. WorldHeart Reports an Event of Default Under the Note Issued to Abiomed, Resignation of One of Its Board of Directors, and Results of Shareholder Vote at Its Annual Shareholders Meeting
8. Schering-Plough Schedules Webcast for Annual Meeting of Shareholders
9. Results of Court Meeting and Extraordinary General Meeting - Shareholders Approve Scheme of Arrangement and New Share Plans
10. CardioDynamics Shareholders Approve One-for-Seven Reverse Split of Companys Common Stock and Trading in Post-split Shares Begins May 9, 2008
11. Arpida Annual General Meeting of Shareholders Approves All Board Proposals
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... ... , ... Global Stem Cells Group, a world ... Cells Network (GSCN) to distribute exosome injection and other biological products to stem ... Dominican Republic, Colombia, Argentina, Nicaragua, Panama, El Salvador, Venezuela, Peru, Ecuador, Paraguay, Puerto ...
(Date:2/10/2016)... Md. , Feb. 10, 2016  The Maryland ... Busch , has announced that University of Maryland School ... PhD, MBA and University of Maryland Medical System President ... of the "Speaker,s Medallion," the highest honor given to ... of Delegates. Dean Reece and Mr. ...
(Date:2/10/2016)... -- IsoRay, Inc. (NYSE MKT: ISR), a medical technology company ... for the treatment of prostate, brain, lung, head and ... for the second quarter and six months of fiscal ... --> --> Revenue was $1.19 ... ended December 31, 2015, a 12% increase compared to ...
(Date:2/10/2016)... ... 2016 , ... HOLLOWAY AMERICA, a leading custom stainless steel ... Chapter 21st Annual Vendor Exhibition on Thursday, February 18, 2016. The Rocky Mountain ... annual event, which will run from 3:00 p.m. - 8:30 p.m. at The ...
Breaking Biology Technology:
(Date:2/8/2016)... Republic , February 8, 2016 ... global payment platform which presents innovation for clients, ... Authentication feature called VoiceKey. --> Worldcore ... which presents innovation for clients, comfort and unbeatable ... VoiceKey. --> Worldcore is ...
(Date:2/4/2016)... The field of Human Microbiome research ... popular hubs of the biotechnology industry. While the ... of human microbiota, have garnered a lot of ... space has literally exploded in terms of both ... focuses on biomedical aspects of research, development, and ...
(Date:2/3/2016)... 3, 2016 --> ... report "Automated Fingerprint Identification System Market by Component (Hardware ... (Banking & Finance, Government, Healthcare, and Transportation) and Geography ... market is expected to be worth USD 8.49 Billion ... 2015 and 2020. The transformation and technology evolution from ...
Breaking Biology News(10 mins):