TORONTO, Ontario, Nov. 4, 2010 /PRNewswire via COMTEX/ --
Gradient Analytics, Inc. and Valeant Pharmaceuticals International, Inc., (NYSE: VRX) (TSX: VRX) formerly known as Biovail Corporation, have agreed to settle Gradient’s Arizona action against Valeant for malicious prosecution arising out of two earlier actions filed by Biovail and its shareholders in state and federal courts in New Jersey. Gradient was represented by Michael O. Kassak, Esquire of White and Williams LLP in both the Arizona malicious prosecution action and the earlier New Jersey lawsuits.
"The initiation of litigation against Gradient, its founders Dr. Carr Bettis and Dr. Donn Vickrey, and others in 2006 by Biovail’s management at the time was regrettable. We would like to put this incident behind us,” stated J. Michael Pearson, Valeant’s chief executive officer.
“With the merger between Valeant and Biovail now complete and a new management team in place, we have the opportunity to settle this matter and, instead, focus all of our efforts on growing Valeant's core businesses and enhancing value for our shareholders.”
Gradient’s President and CEO Tom Barrett said: “Our business, founders and employees suffered significantly as a result of the actions of Biovail, its attorneys, private investigators and public relations agents. However, we are pleased to put this matter behind us and move
forward. As has been the case throughout this trying period, we remain resolute in our right to freely express our opinions about publicly traded companies and will continue to do so in the future."
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. More information about Valeant can be found at www.valeant.com.
Laurie W. Little