Turnabout Is Fair Play: SAC Sues Company That Sued It

Feb 22 2010 | 12:04pm ET

If you’re going to do battle with SAC Capital Advisors, you’d better win. The Connecticut hedge fund giant last week sued a pharmaceutical company that had accused it of conspiring to drive down its stock price.

SAC filed suit in Connecticut federal court against Biovail, accusing the Canadian company of filing a “vexatious” lawsuit against it in 2006. That suit was tossed last year by a New Jersey judge.

According to SAC’s complaint, the Biovail allegations led to “tens of millions of dollars in unnecessary legal fees,” which it seeks to recoup, as well as “incalculable damages to its reputation.” The hedge fund is seeking triple damages.

One of SAC’s co-defendants in the Biovail case, research firm Gradient Analytics, also sued the pharmaceutical last week.

Biovail characterized the two lawsuits against it as “unfortunate.”


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...