Lieff Cabraser Reminds Elan Corporation, plc Investors of Upcoming Deadline
in Class Action Lawsuits
SAN FRANCISCO -- January 22, 2013
Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the February 5,
2013 deadline to move for appointment as lead plaintiff in the securities
class litigation brought on behalf of 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.
The actions allege that, during the Class Period, S.A.C. Capital Advisors,
L.P. (“SAC”), CR Intrinsic Investors (“CRII”), a wholly-owned subsidiary of
SAC, and other related parties, including SAC 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 CRII, Mathew Martoma,
received inside information from the doctor who chaired the drug’s safety
monitoring committee, Sidney Gilman. The complaints allege that Martoma
subsequently shared this information with Cohen, and over the following seven
trading days, SAC and Martoma liquidated their entire holdings of Elan ADRs,
worth over $365 million, 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 market closed, the adverse results of the clinical
trial were publicly disclosed. The next day, Elan’s ADR value declined 41.8%.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the
rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the
top plaintiffs’ law firms in the nation. 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 visit http://www.lieffcabraser.com.
Source/Contact for Media Inquiries Only
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 800-541-7358
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