Lead Plaintiff Deadline is February 19, 2013
STEVENSON, Md. -- (Business Wire)
Brower Piven, A Professional Corporation announces that a class action
lawsuit has been commenced in the United States District Court for the
Southern District of New York on behalf of all persons who purchased or
otherwise acquired American Depositary Receipts (“ADRs”) of Elan
Corporation, plc (“Elan” or the “Company”) (NYSE: ELN) or call options
thereon, and/or sold put options on Elan ADRs, during the period from
July 21, 2008 through and including 4:00 pm EDT on July 29, 2008, which
was just before the announcement about the disappointing clinical trial
results for Elan’s Alzheimer’s drug, bapineuzumab (“Class Period”).
If you bought Elan ADRs and/or call options thereon, or sold put options
on ADRs, during the Class Period, you may obtain additional information
about this lawsuit and your ability to become a lead plaintiff by
contacting Brower Piven at www.browerpiven.com,
by email at hoffman@browerpiven.com,
by calling 410/415-6616, or at Brower Piven, A Professional Corporation,
1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and class action
cases of over 60 years.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen by
the lead plaintiff. If you wish to choose counsel to represent you and
the Class, you must apply to be appointed lead plaintiff no later than
February 19, 2013 and be selected by the Court. The lead plaintiff will
direct the litigation and participate in important decisions including
whether to accept a settlement and how much of a settlement to accept
for the Class in the action. The lead plaintiff will be selected from
among applicants claiming the largest loss from investment in the
Company during the Class Period.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of S.A.C. Capital Advisors, L.P. and
related parties (“SAC”) having illegally traded in Elan ADRs and options
while in possession ofinsider information about disappointing
clinical trial results for bapineuzumab. The complaint alleges that this
negative information, which was not available to the investing public,
allowed SAC to avoid losses and obtain gains of at least $220 million on
its investments in Elan. According to the Complaint, following the
Company’s July 29, 2008 announcement about the disappointing clinical
trial results for bapineuzumab, the value of Elan securities declined
significantly, and those who purchased Elan ADRs or traded options
thereon as described above lost money while SAC profited significantly.
If you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other counsel of
your choice. You need take no action at this time to be a member of the
class.
Contacts:
Brower Piven, A Professional Corporation
Stevenson, Maryland
Charles
J. Piven, 410-415-6616
hoffman@browerpiven.com
Source: Brower Piven, A Professional Corporation