The founder and former CEO of Biovail Corp. reported Monday that he has divested his shares in the Canadian drugmaker.

Eugene Melnyk said in a filing with the U.S. Securities and Exchange Commission that he now has sold about 9.6 million Biovail shares.

Melnyk, who owns the Ottawa Senators hockey team, retired from Biovail in 2007 after he and the company were accused of accounting fraud, but he remained a major shareholder. He wanted the company to continue focusing on generic drugs while management sought to concentrate on treatments for central nervous system disorders.

In 2008, Melnyk tried to change Biovail's leadership by proposing his own 10 candidates for the board of directors.

The company agreed in 2009 to pay $10 million to settle the SEC's charges of accounting violations from 2001 to early 2004. Melnyk himself agreed to pay $1 million in a related settlement with the SEC. Biovail and Melnyk neither admitted nor denied the agency's allegations under the settlements.

Melnyk said in a news release Monday that he "remains active in the business community" and is the founder or majority shareholder of several private companies, including Trimel BioPharma Holdings Inc., Fusion Brands Inc. and PurGenesis Technologies Inc.

Biovail shares rose 12 cents to finish at $16.03 in regular trading Monday.