Shareholders Foundation, Inc.

Elan Corporation, Plc (ADR) (NYSE:ELN) Investor Alert: Lawsuit Deadline on February 19

A Deadline is coming up on February 19, 2013 in the lawsuit for certain investors in Elan Corporation, plc (ADR) (NYSE:ELN) and NYSE:ELN stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 

San Diego, CA -- (SBWIRE) -- 02/13/2013 -- A deadline is coming up on February 19, 2013in the lawsuit filed for certain investors of Elan Corporation, plc (ADR) (NYSE:ELN) against S.A.C. Capital Advisors over alleged Securities Laws violations.

Investors with a substantial investment in Elan Corporation, plc (ADR) (NYSE:ELN) shares between July 21, 2008 and July 29, 2008, should get active before the Deadline that is coming up on February 19, 2013, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of Elan Corporation, plc (ADR) (NYSE:ELN) between July 21, 2008 and July 29, 2008, that S.A.C. Capital Advisors, L.P. ("SAC"), CR Intrinsic Investors, LLC , a wholly-owned subsidiary of SAC, and other related parties, including SAC's founder and chief executive officer violated the Securities Exchange Act of 1934 by selling over 15 million Elan ADRs and purchasing over $1 million worth of Elan put options.

The plaintiff claims that these transactions resulted in the defendants receiving over $220 million in illegal profits and avoided losses by trading on material non-public information. The plaintiff alleges that the defendants traded ahead of a negative public announcement involving the clinical trial results for bapineuzumab, an Alzheimer's drug being jointly developed by Elan and Wyeth.

The plaintiffs claims that a portfolio manager at CR Intrinsic Investors, LLC allegedly obtained inside information from the medical doctor who chaired bapi's Phase II clinical trial safety monitoring committee. The plaintiff further alleges that after the portfolio manager at CR Intrinsic Investors, LLC received such material non-public information regarding the drug's clinical trial results, he shared this information with the SAC's founder and chief executive officer, which allegedly caused SAC and CR Intrinsic Investors, LLC to liquidate their combined holdings in Elan Corporation, plc (ADR) (NYSE:ELN) ADRs, worth over $365 million, and take substantial short positions, eventually selling over $500 million in Elan Corporation, plc (ADR) (NYSE:ELN) securities in just over one week.

When the full results of bapi's Phase II clinical trial were publicly disclosed after the market closed on July 29, 2008, Elan Corporation's ADRs (NYSE:ELN) dropped sharply in value.

NYSE:ELN traded as high as $33.64 per share on July 25, 2008 and dropped to $9.93 per share on August 1, 2008.

Those who purchased American Depositary Receipts of Elan Corporation, plc (ADR) (NYSE:ELN) between July 21, 2008 and July 29, 2008, have certain options and there are short and strict deadlines running. Deadline: Feb. 19, 2013. NYSE:ELN investors, who purchased NYSE:ELN shares between July 21, 2008 and July 29, 2008 should contact the Shareholders Foundation

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com