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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

NEW YORK, Sept. 12 /PRNewswire/ -- The following is a statement issued September 12 by former Banc of America Securities research analyst David Maris regarding a decision by Biovail Corp. (NYSE: BVF) to drop its lawsuit against him that had been proceeding in a New Jersey state court.

"I am pleased that Biovail has dropped the baseless lawsuit it concocted against me and given me a complete release of claims," Mr. Maris said.

"However, contrary to the suggestion in a press release issued by Biovail on September 10, I am not cooperating with Biovail," he added.

"Under my Settlement Agreement with Biovail and the company's former chairman and CEO Eugene Melnyk, I have no obligation to cooperate with Biovail or to answer any questions unless Biovail seeks to depose me," Mr. Maris continued.

If Biovail does seek to depose him, Mr. Maris said he will respond truthfully to questions asked by all parties, including Biovail.

"Although Biovail is free to depose me, I don't believe my answers will assist the company in its cause. To the contrary, I am unaware of any conspiracy against Biovail and do not believe any such conspiracy ever existed," Mr. Maris's statement concluded.

Mr. Maris is represented by Carl Loewenson in the New York office of law firm Morrison & Foerster LLP.


Allan Ripp

(212) 262-7477

SOURCE Morrison & Foerster LLP and David Maris
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