Lieff, Cabraser, Heimann & Bernstein, LLP Announces Class Action Lawsuits on
Behalf of Elan Corporation, plc Investors Against S.A.C. Capital Advisors,
LP and Its Affiliates
SAN FRANCISCO -- January 10, 2013
The law firm of Lieff Cabraser Heimann & Bernstein, LLPannounces that class
action lawsuits have been brought on behalf of all persons who purchased or
otherwise acquired the American Depositary Shares (“ADRs”), call options,
and/or sold the put options of Elan Corporation, plc (“Elan”) (NYSE: ELN)
between July 21, 2008 and 4:00 pm EDT on July 29, 2008 (“Class Period”). If
you purchased or otherwise acquired the ADRs, call options, and/or sold the
put options of Elan during the Class Period, you may move the Court for
appointment as lead plaintiff by no later than February 19, 2013. A lead
plaintiff is a representative party who acts on behalf of other class members
in directing the litigation. Your share of any recovery in the action will not
be affected by your decision of whether to seek appointment as lead plaintiff.
You may retain Lieff Cabraser, or other attorneys, as your counsel in the
Elan investors who wish to learn more about the actions and how to seek
appointment as lead plaintiff should click here or contact Sharon Lee of Lieff
Cabraser toll-free at (800) 541-7358.
Background on the Securities Class Litigation
The actions allege that, during the Class Period, S.A.C. Capital Advisors,
L.P. ("SAC Capital"), CR Intrinsic Investors (“CR Intrinsic”), a wholly-owned
subsidiary of SAC Capital, and other related parties, including SAC Capital
founder and CEO, Steven Cohen, engaged in illegal insider trading in violation
of the Securities Exchange Act of 1934 by selling Elan ADRs and trading
options prior to the disclosure of adverse clinical trial results for an
Alzheimer’s disease drug that was central to Elan’s drug development efforts.
Defendants received over $220 million in illegal profits and avoided
significant losses by trading on material non-public information.
According to the complaints, a portfolio manager at CR Intrinsic, Mathew
Martoma, received inside information from the medical doctor who chaired the
drug’s safety monitoring committee, Sidney Gilman. The complaints further
allege that Martoma subsequently shared this information with Cohen, and over
the following seven trading days, SAC Capital and Martoma liquidated their
entire holdings of Elan ADRs, worth over $365 million, and acquired short
positions in Elan, and eventually sold over $500 million in Elan securities
before the disclosure of adverse results from the clinical trial.
On July 29, 2008, after the close of trading, the adverse results of the
clinical trial were publicly disclosed. Upon this news, Elan’s ADRs declined
41.8% the next day.
According to the complaint, Martoma is presently the subject of a criminal
prosecution for his alleged role in the insider trading of Elan securities.
Gilman has settled civil charges brought by the Securities and Exchange
Commission, agreed to disgorge more than $200,000, and entered into a
non-prosecution agreement with the U.S. Attorney’s office for his role in the
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices inSan Francisco,New
YorkandNashville, is a nationally recognized law firm committed to advancing
the rights of investors and promoting corporate responsibility.
Since 2003, theNational Law Journalhas selected Lieff Cabraser as one of the
top plaintiffs’ law firms in the nation. In compiling the list, theNational
Law Journalexamined recent verdicts and settlements in addition to overall
track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the
United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm’s representation of
investors, please visithttp://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
for Media Inquiries Only:
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 800-541-7358
Press spacebar to pause and continue. Press esc to stop.