Scott+Scott, Attorneys at Law, LLP Files Amended Class Action Complaint
Against SAC Capital Advisors, Among Other Defendants, on Behalf of Sellers of
Wyeth Stock -- WYE
NEW YORK, July 15, 2013 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP
("Scott+Scott") has filed an amended class action complaint in the United
States District Court for the Southern District of New York on behalf of all
persons who sold or otherwise divested the common stock of Wyeth (formerly
NYSE:WYE) contemporaneously with the Defendants' unlawful trades from July 1,
2006 through and including July 18, 2008 (the "Class Period"). The action
seeks remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
Scott+Scott previously filed an action on December 21, 2012, on behalf of a
class of all persons who purchased or otherwise acquired the common stock of
Wyeth between July 21, 2008 and July 29, 2008, inclusive, and by order dated
June 17, 2013, the Court appointed City of Birmingham Retirement and Relief
System as Lead Plaintiff.
If you sold or otherwise divested Wyeth common stock during the Class Period
and wish to serve as a lead plaintiff in the action, you must move the Court
no later than September 13, 2013. Any member of the investor class may move
the Court to serve as lead plaintiff through counsel of its choice or may
choose to do nothing and remain an absent class member. If you wish to discuss
this action or have questions concerning this notice or your rights, please
contact Scott+Scott (email@example.com, (800) 404-7770, (860) 537-5537)
or visit the Scott+Scott website for more information. There is no cost or
charge to you for contacting Scott+Scott.
The securities class action complaint alleges that CR Intrinsic Investors,
LLC, together with its affiliates, including but not limited to, SAC Capital
Associates, LLC and SAC Capital Advisors, L.P. (collectively, "Defendants"),
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.
Specifically, the complaint charges that, during the Class Period, defendants
established substantial long positions in Wyeth securities while in possession
of material non-public information concerning the bapi Phase II clinical
trial, acquiring over 3 million shares.As of June 30, 2008, Defendants held
over $373 million in Wyeth stock.
On June 17, 2008, Wyeth released top-line summary results from the Phase II
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 July 29, 2008 conference, Defendants obtained additional
non-public final Phase II clinical results from the bapi trial, which were
strongly and unexpectedly negative.Defendants aggressively sold their Wyeth
shares ahead of the public announcement of the bapi results, completely
liquidating their positions.In addition, Defendants opened large short
positions in Wyeth.
On July 29, 2008, after the close of the U.S. securities markets, the
disappointing Phase II clinical results of bapi were announced to the
public.On July 30, 2008, the next trading day, Wyeth's share price fell 41.8%
from its prior close on July 29th.
Scott+Scott has significant experience prosecuting major securities,
antitrust, and employee retirement plan actions throughout the United
States.The firm represents pension funds, foundations, individuals, and other
CONTACT: If you have any questions regarding this matter,
Scott+Scott, Attorneys at Law, LLP
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