Tuesday, 31 May 2016
Last updated 3 days ago
Feb 22 2010 | 11:04am 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.”