Biovail Corporation Concerned Shareholders Say Recommendation of Proxy Governance for Incumbent Biovail Board Should Be Ignored Since Despite Their Own Policy It Had No Discussions with Concerned Shareholders Before Recommendation Was Issued

TORONTO--(BUSINESS WIRE)--The Concerned Shareholders of Biovail Corporation (NYSE:BVF) (TSX:BVF) today said that the recommendation of Proxy Governance, a proxy advisory service located in Vienna, Virginia, should be ignored because despite a best practices policy that states that it “often confers with both proponents and issuers to ensure the accuracy of data, and to obtain an in-depth understanding of matters and positions,” Proxy Governance made no attempt to contact any representative of The Concerned Shareholders before issuing its report.