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 email@example.com for information on the class action.
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 firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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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 email@example.com firstname.lastname@example.org www.rosenlegal.comSource: The Rosen Law Firm PA PC