TORONTO--(BUSINESS WIRE)--Biovail Corporation (NYSE, TSX: BVF) today acknowledged that the Company has received a “Wells Notice” from staff of the U.S. Securities and Exchange Commission (SEC) alleging violations of federal securities laws. The notice relates to the staff’s investigation of Biovail’s accounting and disclosure practices for the fiscal year 2003, and certain transactions associated with a corporate entity acquired by the Company in 2002, as previously disclosed.
