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Biotechnology Business
Concerned Shareholders of Biovail Pleased with Court Order for Biovail AGM
August 2nd, 2008
Eugene Melnyk and EM Holdings B.V. (The "Concerned Shareholders") said that they were pleased with the decision of the Ontario Superior Court of Justice released this morning. The Court denied the application brought by Biovail Corporation and its CEO, William Wells, for an order validating the election of the board of directors at the shareholder meeting convened on June 25, 2008. Further, the Court determined that the Biovail Annual General Meeting was improperly constituted and must be re-convened in order to allow for the election of directors at a meeting complying with corporate law and the company's by-laws. "Biovail's AGM was not properly constituted and there...
Source: Law & Health Weekly (2008-08-02)
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