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:11/30/2016)...   Merck , a leading science and technology ... set of agreements with Evotec AG, whereby Evotec AG ... reagents such as CRISPR and shRNA libraries. Combining access ... accelerated pathway to explore and identify new drug targets. ... new targets, a process that can be time- and ...
(Date:11/30/2016)... ... November 30, 2016 , ... ... technology applications, introduces the 5th generation, ultra-bright, Laser-Driven Light Source, the EQ-77, at ... Source (LDLS™) technology, the EQ-77 offers higher radiance and irradiance from a truly ...
(Date:11/30/2016)... ... 30, 2016 , ... On 28 November 2016, the International Union of Pure ... (Nh), moscovium (Mc), tennessine (Ts), and oganesson (Og), respectively for element 113, 115, 117, ... by the discoverers have been approved by the IUPAC Bureau. The IUPAC Council will ...
(Date:11/30/2016)... ... November 30, 2016 , ... ProMIS Neurosciences (“ProMIS” or ... neurodegenerative diseases, today announced that all five of its validated monoclonal antibody (mAb) ... of toxic, prion-like forms of Amyloid beta (Aß) in vitro. , “We previously ...
Breaking Biology Technology:
(Date:6/9/2016)... -- Paris Police Prefecture ... to ensure the safety of people and operations in several ... tournament Teleste, an international technology group specialised in ... that its video security solution will be utilised by ... safety across the country. The system roll-out is scheduled for ...
(Date:6/2/2016)... The Department of Transport Management (DOTM) ... million US Dollar project, for the , Supply ... Enrolment, and IT Infrastructure , to ... implementation of Identity Management Solutions. Numerous renowned international vendors participated ... was selected for the most compliant and innovative ...
(Date:6/1/2016)... 2016 Favorable Government Initiatives Coupled ... Criminal Identification to Boost Global Biometrics System Market Through ... Research report, " Global Biometrics Market By Type, ... Opportunities, 2011 - 2021", the global biometrics market is ... account of growing security concerns across various end use ...
Breaking Biology News(10 mins):