Summary of Case:
Scott + Scott, LLP has filed a securities class action against ELAN CORP., PLC (Ticker: ELN) ("Elan" or the "Company") on behalf of all purchasers of American Depository Receipts ("ADRs") of Elan from June 17, 2008 through July 29, 2008 ("Class Period") in the United States District Court for the Southern District of New York.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements about bapineuzumab, a drug Elan Corp., PLC 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.
A new complaint has been filed with an expanded class period of May 21, 2007 - October 21, 2008. If you have purchased during the expanded class period, please contact our office at (800) 404-7770.
