THE FINAL JUDGEMENT AGAINST BIOVAIL EXECUTIVES

The following excerpt is from the SEC web site:

FINAL JUDGMENTS ENTERED AGAINST FORMER BIOVAIL EXECUTIVES EUGENE MELNYK AND BRIAN CROMBIE
“On April 14, 2011, the Honorable Lewis A. Kaplan of the United States District Court for the Southern District of New York entered a final consent judgment against defendant Brian Crombie, Biovail Corporation's former chief financial officer, with respect to violations of the federal securities laws alleged by the Commission in a civil enforcement action filed in March 2008. Crombie consented to a final judgment that (i) permanently enjoins him from future violations of Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 and Exchange Act Rules 10b-5, 13b2-1 and 13b2-2 and from aiding and abetting violations of Exchange Act Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) and Rules 12b-20, 13a-1 and 13a-16; (ii) requires him to pay a civil penalty in the amount of $100,000; and (iii) bars him from serving as an officer or director of a public company for five years.
Additionally, on February 15, 2011, the court entered a judgment by consent against Biovail's former chief executive officer, Eugene Melnyk, that (i) permanently enjoins Melnyk from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5; (ii) imposes a civil penalty in the amount of $150,000; and (iii) bars Melnyk from serving as an officer or director of a public company for five years. As the Commission previously has settled all charges against the other defendants identified in the complaint, the settlements with Melnyk and Crombie provide final resolution to this matter.
Biovail previously settled with the Commission by consenting to a judgment that, among other things, permanently enjoins it from violating antifraud and other provisions of the federal securities laws, imposed a $10 million civil penalty, and ordered it to pay disgorgement of $1. The Commission previously settled its claims against former Biovail vice president of corporate affairs Kenneth G. Howling by entry on December 21, 2009, of a final consent judgment that permanently enjoined Howling from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5 and imposed a civil penalty in the amount of $50,000. The Commission settled its claims against former Biovail vice president, controller and assistant secretary John Miszuk by entry on September 8, 2010, of a final consent judgment that (i) permanently enjoins him from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rules 10b-5 and 13b2-1 and from aiding and abetting violations of Exchange Act Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) and Rules 12b-20, 13a-1 and 13a-16; (ii) required him to pay a civil penalty in the amount of $75,000; and (iii) bars him from serving as an officer or director of a public company for five years.”