Schatz & Nobel, P.C. Provides Update to Biovail Investors who Purchased BVF From May 17, 2002 to October 30, 2003 Concerning SEC Investigation of Biovail and Class Action Lawsuit HARTFORD, Conn., Nov. 24 /PRNewswire/ -- The November 21, 2003 edition of the Wall Street Journal reports that the Securities and Exchange Commission has opened an informal inquiry into Biovail relating to its accounting and financial reporting practices for fiscal 2002 and fiscal 2003 to date, and that the SEC has requested a copy of a report issued by a securities analyst who questioned Defendant Eugene N. Melnyk during a Biovail conference call on October 30, 2003 about Mr. Melnyk's securities transactions. Schatz & Nobel wishes to inform Biovail investors that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of persons who purchased the common shares of Biovail Corporation (NYSE: BVF; TSX: BVF) ("Biovail" or the "Company") for violations of the federal securities laws, and alleges, inter alia, that the reports issued by Biovail concerning its 2002 and 2003 financial results were materially false and misleading and overstated Biovail's revenue and earnings. Schatz & Nobel, P.C. has significant experience prosecuting class actions on behalf of investors. If you wish to discuss the class action or have any questions, please contact attorney Andrew M. Schatz, Jeffrey S. Nobel, or Nancy A. Kulesa at (800) 797-5499, or by e-mail at . For more information about Schatz & Nobel, P.C. and class action cases, please visit our website: http://www.snlaw.net/. Biovail's common shares are traded on the New York Stock Exchange and on the Toronto Stock Exchange under the symbol "BVF." Schatz & Nobel, P.C. seeks to recover damages on behalf of all Class Members, including Class Members that purchased Biovail common shares on the New York Stock Exchange and/or the Toronto Stock Exchange. If you purchased or otherwise acquired Biovail common shares between May 17, 2002 and October 30, 2003, and wish to act as a lead plaintiff, you may move the Court to act in that capacity not later than January 12, 2004. If you wish to discuss your rights as lead plaintiff or as a class member, please contact Schatz & Nobel, P.C. toll-free at (800) 797-5499, or by e-mail at . CONTACT: Andrew M. Schatz Jeffrey S. Nobel Nancy A. Kulesa Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz & Nobel, P.C. CONTACT: Andrew M. Schatz or Jeffrey S. Nobel or Nancy A. Kulesa, +1-800-797-5499, , all of Schatz & Nobel, P.C. Web site: http://www.snlaw.net/

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