On September 8, 2010, the Hon. Lewis A. Kaplan of the United States District Court for the Southern District of New York entered a final consent judgment against defendant John Miszuk, Biovail Corporation's former vice president, controller and assistant secretary, with respect to violations of the federal securities laws alleged by the Commission in a civil enforcement action filed in March 2008. The Commission's complaint alleges, among other things, that, in the second quarter 2003, Biovail and some of its executives, including Miszuk, engaged in two separate accounting fraud schemes that resulted in Biovail materially misstating its financial statements by overstating its revenue and understating its loss for that quarter. The Commission's complaint also alleges that other senior Biovail executives and Biovail violated the antifraud and other provisions of the securities laws in connection with misstatements concerning a third quarter 2003 truck accident as well as a fraudulent scheme concerning an off-balance-sheet, research-and-development vehicle. Miszuk consented to a final judgment that (i) permanently enjoins him from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rules 10b-5 and 13b2-1 and from aiding and abetting violations of Exchange Act Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) and Rules 12b-20, 13a-1 and 13a-16; (ii) requires him to pay a civil penalty in the amount of $75,000; and (ii) bars him from serving as an officer or director of a public company for five years. SEC Release.