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Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/elancorp/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Elan Corporation plc (“Elan”) (NYSE:ELN) publicly traded stock or American Depository Receipts (“ADRs”) during the period between June 17, 2008 and July 29, 2008 (the “Class Period”)...
The complaint charges Elan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Elan is a neuroscience-based biotechnology company.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements about bapineuzumab, a drug Elan was developing in association with Wyeth for the treatment of Alzheimer’s disease. Specifically, defendants failed to disclose unfavorable results from a Phase II clinical study of bapineuzumab that Elan and Wyeth conducted. When those results were finally disclosed, the price of Elan’s ADRs plunged from $33.75 to $19.63 in one day.
http://www.businesswire.com/portal/...d=news_view&newsId=20081015005304&newsLang=en
The complaint charges Elan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Elan is a neuroscience-based biotechnology company.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements about bapineuzumab, a drug Elan was developing in association with Wyeth for the treatment of Alzheimer’s disease. Specifically, defendants failed to disclose unfavorable results from a Phase II clinical study of bapineuzumab that Elan and Wyeth conducted. When those results were finally disclosed, the price of Elan’s ADRs plunged from $33.75 to $19.63 in one day.
http://www.businesswire.com/portal/...d=news_view&newsId=20081015005304&newsLang=en
