Rosen Law Firm Announces Securities Class Action on Behalf of Elan
Corporation, plc Shareholders Against S.A.C. Capital Advisors and Steven A.
Cohen -- ELN
NEW YORK, Jan. 7, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced
that a class action lawsuit has been filed on behalf of investors in Elan
Corporation (NYSE:ELN) who purchased ADRs and call options or sold put options
during the period from July 21, 2008 through July 29, 2008.
To join the Elan class action, visit the firm's website at
http://rosenlegal.com, or call Laurence Rosen, Esq., toll-free, at
866-767-3653; you may also email firstname.lastname@example.org for information on the
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS
CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY
CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that S.A.C. Capital Advisors, L.P. ("SAC"), CR Intrinsic
Investors, LLC, a subsidiary of SAC, and related parties, including chief
executive Steven Cohen, illegally sold over 15 million Elan ADRs and purchased
over $1 million worth of Elan put options on the basis of insider information.
SAC and its affiliates netted over $220 million in illegal profits and
avoided losses by this illegal insider trading scheme. Specifically, the
defendants traded ahead of the announcement of clinical trial results for
Bapineuzumab ("BAPI"), an Alzheimer's drug being jointly developed by Elan.
The complaint alleges that a portfolio manager at CR Intrinsic, Mathew
Martoma, obtained inside information from Dr. Sidney Gilman, the physician
chairing Bapi's Phase II clinical trial safety monitoring committee. The
complaint asserts that Martoma gave this information to defendant Cohen, who
then liquidated all of SAC's and CR Intrinsic's holdings in Elan ADRs, worth
over $365 million, and also took substantial short positions - selling over
$500 million in Elan securities in just over one week.
When Bapi's Phase II clinical trial were publicly disclosed after market close
on July 29, 2008, Elan's ADRs price dropped substantially - 41.8%.The
complaint alleges that Defendants' illegal scheme earned them made illicit
profits and avoided losses of over $220 million.
Defendant Martoma has been indicted in connection with his role in this
scheme. Another defendant has settled civil charges brought by the Securities
and Exchange Commission and has entered into an agreement with the U.S.
Attorney's Office for his role.
Members of the class may, not later than February 19, 2013, move the Court to
serve as a lead plaintiff of the class.
If you purchased Elan ADRs or call options or sold put options from July 21,
2008 through July 29, 2008, you may join the class action to recover your
investment losses. To join the class action, please visit the website at
http://rosenlegal.com.You may also contact Laurence Rosen Esq. of The Rosen
Law Firm toll free at 866-767-3653 or via e-mail at email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating
its practice in securities class actions and shareholder derivative
Attorney Advertising.Prior results do not guarantee a similar outcome.
CONTACT: Laurence Rosen, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 562-8616
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
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