Investors file suit against Biovail after delay in release of Aplenzin

NEW YORK In a class-action suit filed in a district court Thursday, a Canadian drug maker is accused of making misleading statements about an anti-depressant drug as the Food and Drug Administration reviewed it for approval.

A group of American investors filed the suit against Biovail in the United States District Court for the Southern District of New York, alleging that it failed to disclose that the drug Aplenzin (bupropion hydrobromide) had not met certain FDA conditions for approval, thus delaying its entering the market. The FDA ultimately approved the drug in April.

Canada’s largest publicly traded drug company, Biovail is headquartered in Mississauga, Ontario.