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Law Offices of Howard G. Smith Announces Investigation of CR Intrinsic Investors, LLC

  Law Offices of Howard G. Smith Announces Investigation of CR Intrinsic
  Investors, LLC

Business Wire

BENSALEM, Pa. -- April 15, 2013

Law Offices of Howard G. Smith announces that it is investigating potential
claims against CR Intrinsic Investors, LLC, on behalf of investors who
purchased the common stock of Wyeth (formerly NYSE:WYE) between July 21, 2008
and July 29, 2008. The investigation focuses on possible violations of federal
securities laws.

The investigation is related to allegations that CR Intrinsic Investors, LLC
and certain of its affiliates including SAC Capital Associates, LLC and SAC
Capital Advisors, L.P. violated the securities laws by trading Wyeth shares
based on material, non-public information ahead of a July 29, 2008
announcement disclosing disappointing clinical trial results for the drug
bapineuzumab (AAB-001) (“bapi”). Bapi was an Alzheimer’s disease treatment
that was being jointly developed by Wyeth and Elan Corporation, plc.

On June 17, 2008 Wyeth released top-line summary results from the Phase 2
clinical trial of bapi.The market’s reaction was favorable, and Wyeth’s
common stock rose 10.7% after the announcement.Detailed trial results were to
be released at a conference on July 29, 2008. Shortly before the conference,
CR Intrinsic Investors, LLC and certain of its affiliates began aggressively
selling their positions in Wyeth, and over the seven trading days leading up
to the July 29, 2008 announcement completely liquidated their positions in
Wyeth worth over $335 millionand opened large short positions in Wyeth.

On July 29, 2008, after the close of the U.S. securities markets, the detailed
Phase II clinical results of bapi were presented.The results of the Phase II
clinical trial were strongly and unexpectedly negative.On July 30, 2008, the
next trading day, Wyeth’s share price fell 41.8% from its prior close on July
29th.

If you purchased Wyeth shares between July 21, 2008 and July 29, 2008, if you
have information or would like to learn more about these claims, or if you
wish to discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these matters, please
contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.

Contact:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
 
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