Elan Corporation, plc ELN Securities Fraud

November 14 2008 - by Lucy Campbell

Company:	Elan Corporation, plc
Ticker Symbol:	ELN
Class Period:	Jun-17-08 to Jul-29-08
Date Filed:	Nov-13-08
Lead Plaintiff Deadline:	Jan-12-09
Court:	Southern District of New York
Allegations:

A class action lawsuit has been filed against Elan Corporation, plc 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.

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.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Elan Corporation, plc ELN Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Elan Corporation, plc securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.