Lieff Cabraser Reminds Elan Corporation, plc Investors of Upcoming Deadline in Class Action Lawsuits
SAN FRANCISCO--(BUSINESS WIRE)-- Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the February 5, 2013 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of persons who purchased or otherwise acquired the American Depositary Shares ("ADRs"), call options, and/or sold the put options of Elan Corporation, plc ("Elan") (NYS: ELN) between July 21, 2008 and 4:00 pm EDT on July 29, 2008 ("Class Period").
If you purchased or otherwise acquired the ADRs, call options, and/or sold the put options of Elan during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 19, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Elan investors who wish to learn more about the actions and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at (800) 541-7358.
The actions allege that, during the Class Period, S.A.C. Capital Advisors, L.P. ("SAC"), CR Intrinsic Investors ("CRII"), a wholly-owned subsidiary of SAC, and other related parties, including SAC founder and CEO, Steven Cohen, engaged in illegal insider trading in violation of the Securities Exchange Act of 1934 by selling Elan ADRs and trading options prior to the disclosure of adverse clinical trial results for an Alzheimer's disease drug that was central to Elan's drug development efforts. Defendants received over $220 million in illegal profits and avoided significant losses by trading on material non-public information.
According to the complaints, a portfolio manager at CRII, Mathew Martoma, received inside information from the doctor who chaired the drug's safety monitoring committee, Sidney Gilman. The complaints allege that Martoma subsequently shared this information with Cohen, and over the following seven trading days, SAC and Martoma liquidated their entire holdings of Elan ADRs, worth over $365 million, acquired short positions in Elan, and eventually sold over $500 million in Elan securities before the disclosure of adverse results from the clinical trial.
On July 29, 2008, after the market closed, the adverse results of the clinical trial were publicly disclosed. The next day, Elan's ADR value declined 41.8%.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
Source/Contact for Media Inquiries Only
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 800-541-7358
KEYWORDS: United States North America California
The article Lieff Cabraser Reminds Elan Corporation, plc Investors of Upcoming Deadline in Class Action Lawsuits originally appeared on Fool.com.
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