Though shares of Biovail Corp. (TSX:BVF) fell almost five percent to $52.30 this morning, shares rallied to $53.50 by 2:00 p.m. This activity follows Friday’s announcement that the pharmaceutical company is being investigated by the U.S. office of the Inspector General of Health and Human Services.

Biovail has given no reason for the “preliminary administrative inquiry.” The company has come under fire in the past for a questionable bonus incentive program for doctors who prescribed a Biovail hypertension drug to their patients. Doctors were awarded bonuses of up to $1,000 US for each patient who was prescribed Cardizem LA. IE