Melnyk had confidential data: Biovail

RICHARD BLACKWELL Globe and Mail Update TORONTO — Biovail founder Eugene Melnyk was privy to confidential information under a special agreement, and shouldn't be allowed use that data to scuttle the drug maker's annual meeting, lawyers for the company argued in court Tuesday. Lawyers for Biovail and Mr. Melnyk are in court to get a judge to decide whether the results of the June 25 annual meeting should stand. At the meeting Mr. Melnyk's proposed slate of directors was defeated, but he said the company improperly changed the rules at the last minute. Biovail lawyer Joel Richler told Judge Herman Wilton-Siegel that the company allowed Mr. Melnyk to see preliminary voting results under a special “protocol” the two sides signed ahead of time to make sure the meeting ran smoothly. When Mr. Melnyk saw the results, he decided to... [read full story]