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SEC inquiry enters, Biovail CEO exits

Executive Summary

Biovail Chairman Eugene Melnyk announces his retirement effective June 30, 2007. Melnyk served as chairman since 1994, when Biovail Corporation International and Trimel Corporation, which he founded, merged. His announcement comes a day after the company acknowledges Melnyk and Biovail CFO Kenneth Howling will receive "Wells Notices" from the Securities and Exchange Commission. According to Biovail, the SEC intends to recommend enforcement action against Melnyk regarding "trading and reporting ownership positions in Biovail securities." The company is facing an SEC investigation of the firm's accounting and disclosure practices in FY 2003...
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