Scott+Scott LLP
Files Class Action Lawsuit Against Elan Corporation, plc On Behalf of
Investors -- ELN
Read the complete story at Globenewswire
NEW YORK, Nov. 13,
2008 (GLOBE NEWSWIRE) -- On November 13, 2008, Scott+Scott LLP filed a
class action lawsuit against Elan Corporation, plc (``Elan'' or the
''Company'') (NYSE:ELN - News) and certain officers and directors of the Company in
the U.S. District Court for the Southern District of New York. The
action is on behalf of those purchasing American Depository Receipts
(``ADRs'') of Elan during the period beginning June 17, 2008 through
July 29, 2008, inclusive (the ``Class Period''), for violations of the
Securities Exchange Act of 1934.
According to the complaint, during the Class Period, Elan issued materially false and misleading statements regarding the Phase II clinical results of the Company's investigational treatment for Alzheimer's disease, bapineuzumab. As a result of defendants' false statements and omissions during the Class Period, Elan ADRs traded at artificially inflated prices.
Specifically, Elan failed to disclose unfavorable results from the bapineuzumab trial in a June 17, 2008 press release regarding the study, misrepresenting the safety and efficacy of the drug to investors and analysts. As a result of the press release, Elan ADRs surged upward nearly 11% in one day. However, when the detailed Phase II results were finally disclosed, the Company's prior representations on the safety and efficacy of bapineuzumab were shown to be overblown. On that day, the price of Elan's ADRs plunged from $33.75 to $19.63.
According to the complaint, during the Class Period, Elan issued materially false and misleading statements regarding the Phase II clinical results of the Company's investigational treatment for Alzheimer's disease, bapineuzumab. As a result of defendants' false statements and omissions during the Class Period, Elan ADRs traded at artificially inflated prices.
Specifically, Elan failed to disclose unfavorable results from the bapineuzumab trial in a June 17, 2008 press release regarding the study, misrepresenting the safety and efficacy of the drug to investors and analysts. As a result of the press release, Elan ADRs surged upward nearly 11% in one day. However, when the detailed Phase II results were finally disclosed, the Company's prior representations on the safety and efficacy of bapineuzumab were shown to be overblown. On that day, the price of Elan's ADRs plunged from $33.75 to $19.63.
Read the complete story at Globenewswire
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