STEVENSON, Md., Jan. 4, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired American Depositary Receipts ("ADRs") of Elan Corporation, plc ("Elan" or the "Company") (NYSE:ELN) or call options thereon, and/or sold put options on Elan ADRs, during the period from July 21, 2008 through and including 4:00 pm EDT on July 29, 2008, which was just before the announcement about the disappointing clinical trial results for Elan's Alzheimer's drug, bapineuzumab ("Class Period").
If you bought Elan ADRs and/or call options thereon, or sold put options on ADRs, during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 19, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of S.A.C. Capital Advisors, L.P. and related parties ("SAC") having illegally traded in Elan ADRs and options while in possession of insider information about disappointing clinical trial results for bapineuzumab. The complaint alleges that this negative information, which was not available to the investing public, allowed SAC to avoid losses and obtain gains of at least $220 million on its investments in Elan. According to the Complaint, following the Company's July 29, 2008 announcement about the disappointing clinical trial results for bapineuzumab, the value of Elan securities declined significantly, and those who purchased Elan ADRs or traded options thereon as described above lost money while SAC profited significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.