WASHINGTON (CN) - Biovail Corp., a Canadian pharmaceutical company, will pay $10 million to settle SEC charges that it juggled the books for four years "in a pattern of systemic, chronic fraud," to deceive investors and make it appear that the company was meeting earnings goals. Four executives, including the former CEO, former CFO and two current senior executives, still face charges from the SEC.
Still facing charges are former CEO Eugene Melnyk, ex-CFO Brian Crombie, Controller John Miszuk; and CFO Kenneth Howling.
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