NEW YORK, Feb. 5, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action in the United States District Court for the Southern District of New York against Elan Corporation PLC ("Elan" or the "Company") and certain of the Company's officers and directors. The suit is brought on behalf of all persons or entities who purchased American Depository Shares ("ADSs") of Elan (NYSE:ELN) between April 23, 2001 and January 30, 2002, inclusive (the "Class Period").
The complaint alleges that Elan and certain of its officers and directors violated Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934. Specifically, it is alleged that Elan improperly reported revenues and earnings from entities in which Elan had joint ventures and/or invested in. In a Wall Street Journal article published on January 30, 2002 questioning the propriety of Elan's accounting practices, former SEC Chief Accountant, Lynn Turner reportedly characterized certain of the types of accounting practices utilized by the Company referred to in the article as a "charade." It is alleged that as a result of Defendants' improper accounting practices during the Class Period, the price of Elan ADSs traded at artificially inflated prices.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than sixty days from February 4, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Joel B. Strauss, Esq. Shelly Thompson, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 601 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.