NEW YORK, Feb. 7, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of Elan Corporation PLC ("Elan" or the "Company") (NYSE:ELN) securities between January 2, 2001 through January 29, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Elan's financial results and business prospects. Specifically, the complaint alleges that Elan recognized income from companies in which Elan had invested in the form of joint ventures, while simultaneously keeping the venture's losses off of Elan's books. As a result, the price of the Company's ADRs was artificially inflated throughout the Class Period. On January 30, 2002, however, following the release of a Wall Street Journal report detailing Elan's accounting shenanigans, Elan's ADR price fell nearly 17% in a single day, to trade at $29.25 per ADR, significantly below the class period high of $65.00 on June 20, 2001.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Elan securities between January 2, 2001 through January 29, 2002, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Elan securities during the Class Period, you may, not later than April 5, 2002, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
SHANE ROWLEY, ESQ. ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail Srowley@faruqilaw.com Avozz@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.