Navigation Links
Concerned Shareholders of Biovail seek court order declaring Biovail AGM illegally convened;
Date:6/25/2008

Say Biovail seeing tide changing against management - with six million votes revoked - and no quoroum at meeting, secretly met to change rules

TORONTO, June 25 /PRNewswire/ - The Concerned Shareholders of Biovail (TSE:BVF) said that their lawyers will be in court today and will seek a declaration that the Biovail Corporation (NYSE: BVF) Annual General Meeting was illegally held and will request that a proper meeting be convened. This followed the Concerned Shareholder being advised early this morning that over 10% of the shares voted in favour of the incumbent slate had been revoked.

"Biovail obviously heard what we were hearing," Eugene Melnyk said, "and that was that the momentum was shifting. They knew that without my shares they would not have a quorum to hold the meeting and so they secretly met early this morning to change the rules to suit their purposes in violation of applicable law and a negotiated protocol that had been agreed to between the parties, thereby preventing Biovail shareholders from reconsidering their position."

"We think this says a lot about corporate governance at Biovail - or the lack thereof -- their desperation to keep their jobs and their willingness to change any rule to suit their needs when under pressure. We are optimistic the Court will agree that the AGM was illegally held and that a new meeting needs to be held," he said.


'/>"/>
SOURCE Concerned Shareholders of Biovail
Copyright©2008 PR Newswire.
All rights reserved

Page: 1

Related biology technology :

1. Biovail Concerned Shareholders Want Open Debate
2. Biovail Concerned Shareholders Welcome Glass Lewis Evaluation
3. Spherix Shareholders Support Companys Focus on Naturlose, Biotechnology
4. Healthcare Technologies Calls for a Shareholders Meeting to Approve the Nexgen Biofuels Transaction
5. Annual General Meeting ("AGM") and Extraordinary General Meeting ("EGM") Notices Posted to Shareholders
6. Rosetta Genomics Announces Annual General Meeting of Shareholders to be Held on September 24, 2007
7. Pharmos Issues Letter to Shareholders
8. Cell Therapeutics, Inc. (CTI) Announces 2007 Annual Shareholders Meeting Results
9. YM BIOSCIENCES NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND NOMINATION OF DIRECTORS
10. YM Biosciences announces adoption of renewed Shareholders Rights Plan
11. Isolagen, Inc. Reports Results of Shareholders Annual Meeting
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/21/2017)... , ... August 21, 2017 , ... ... the Big Island of Hawaii, is pleased to announce the first Delos Wellness ... of MacArthur Sotheby’s International Realty is working together with listing agent Kelly Allen, ...
(Date:8/21/2017)... ... August 21, 2017 , ... The team at Cell ... in which attendees will learn about the assembly and topological architecture of mammalian ... overview of the development and validation of new high-quality recombinant monoclonal antibodies, participants ...
(Date:8/17/2017)... ... August 17, 2017 , ... CNA Finance Chief Research Analyst, ... research update on Aytu Bioscience and cited promising increases in the prescription rates ... rates for Natesto® have more than doubled since March of this year and ...
(Date:8/16/2017)... ... 16, 2017 , ... Recent studies show that cancer cells ... specific cancers, such as breast, prostate, or lung, target vital pathways active in ... advanced prostate cancer. , This therapy limits the production and effectiveness of ...
Breaking Biology Technology:
(Date:4/5/2017)... 2017 KEY FINDINGS The global ... a CAGR of 25.76% during the forecast period of ... factor for the growth of the stem cell market. ... MARKET INSIGHTS The global stem cell market is ... geography. The stem cell market of the product is ...
(Date:3/30/2017)... 30, 2017 The research team of The ... (3D) fingerprint identification by adopting ground breaking 3D fingerprint minutiae recovery ... of speed and accuracy for use in identification, crime investigation, immigration ... ... A research team ...
(Date:3/27/2017)... 2017  Catholic Health Services (CHS) has been ... (HIMSS) Analytics for achieving Stage 6 on the ... In addition, CHS previously earned a place in ... electronic medical record (EMR). "HIMSS Analytics ... EMR usage in an outpatient setting.  This recognition ...
Breaking Biology News(10 mins):