NEW YORK, Nov. 13, 2008 (GLOBE NEWSWIRE) -- On November 13, 2008, Scott+Scott LLP filed a class action lawsuit against Elan Corporation, plc ("Elan'' or the "Company'') (NYSE:ELN) and certain officers and directors of the Company in the U.S. District Court for the Southern District of New York. The action is on behalf of those purchasing American Depository Receipts ("ADRs") of Elan during the period beginning June 17, 2008 through July 29, 2008, inclusive (the "Class Period''), for violations of the Securities Exchange Act of 1934.
If you purchased ADRs of Elan during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than December 14, 2008. 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 (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website, http://www.scott-scott.com) for more information. There is no cost or fee to you.
According to the complaint, during the Class Period, Elan issued materially false and misleading statements regarding the Phase II clinical results of the Company's investigational treatment for Alzheimer's disease, bapineuzumab. As a result of defendants' false statements and omissions during the Class Period, Elan ADRs traded at artificially inflated prices.
Specifically, Elan failed to disclose unfavorable results from the bapineuzumab trial in a June 17, 2008 press release regarding the study, misrepresenting the safety and efficacy of the drug to investors and analysts. As a result of the press release, Elan ADRs surged upward nearly 11% in one day. However, when the detailed Phase II results were finally disclosed, the Company's prior representations on the safety and efficacy of bapineuzumab were shown to be overblown. On that day, the price of Elan's ADRs plunged from $33.75 to $19.63.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.