Biovail: To Investigate, or Not to Investigate?

It is never reassuring when a company gets caught in a counterfactual statement. Case in point: Biovail.

Word was going around last week the Canadian drug-maker was being investigated by the Ontario Securities Commission (OSC). A company spokesperson dutifully came out and told people the OSC was not probing the company.

Well, later the same day the OSC contradicted that statement, saying that it was investigating Biovail. It said it was having a look at “suspicious trading activity”, plus it was reviewing company disclosure records.

Perhaps unsurprisingly, the Biovail spokesperson could not be reached for comment. It must have been too hard to reach their cell phone while tied to the rails of that train track.