Pharmas Market with Mike Huckman

Biovail Case: The Reply From A David Maris Lawyer

Yesterday, I blogged that messages to each of David Maris' lawyersseeking comment on Biovail "dropping" or "settling" its case against the former Bank of America Securities analyst had gone without a response. Well, this morning I got this email from one of his attorneys tossing the ball back in Biovail's court:

"David Maris is pleased that Biovail has dropped the baseless lawsuit Biovail concocted against him and given him a complete release. Contrary to the suggestion in Biovail's September 10, 2007 press release, Maris is not cooperating with Biovail. Under his Settlement Agreement with Biovail and Eugene Melnyk, David Maris has no obligation to cooperate with Biovail or to answer any questions unless Biovail seeks to depose him. If Biovail does seek to depose him, Maris will respond truthfully to questions asked by all parties, including Biovail. Although Biovail is free to seek his deposition, Maris does not believe that his answers to questions about this case will assist Biovail in its cause. To the contrary, Maris is unaware of any conspiracy against Biovail and does not believe any such conspiracy ever existed."

J. Alexander Lawrence
Morrison & Foerster LLP

Biovail sued Maris alleging he colluded with a hedge fund and others to drive down Biovail's stock price. He was a Biovail bear and had been telling clients to sell the stock for years. Soon after the suit was filed Maris, who covered generic drug companies, left B of A. He now works for a hedge fund.

Questions?  Comments?