By: Alex Mlynek

Company founder, and largest single shareholder, Eugene Melnyk, who is very unhappy with current management, to say the least, tried to claim quorum to hold a proper meeting hadn’t been met, because he had withdrawn his proxy votes. But after learning of Melnyk’s move Biovail’s board passed a special bylaw that allowed for a reduced quorum at the meeting. Melnyk issued a release on his abetterbiovail.com site this afternoon that stated he and his group of “concerned shareholders” are sending lawyers to court to have the meeting, and therefore the election of the slate of directors proposed by the pharma company, deemed illegal.

At this time Biovail has not issued a release on the events that transpired at this morning’s meeting.

UPDATE:

Biovail has issued a statement.