IMCLONE, INC.

Summary of Case: A securities class action was filed on October 23, 2008 against ImClone Systems, Inc. (Ticker: IMCL) ("ImClone") on behalf of all shareholders of ImClone.

The complaint alleges that the members of ImClone's board of directors breached their fiduciary duties to ImClone's shareholders in connection with the transactions contemplated by the merger agreement with Eli Lilly & Co. ("Lilly") and failed to provide ImClone's shareholders with material information to make an informed decision as to whether to tender their shares in the offer. In addition, the complaint alleges that Lilly knowingly aided and abetted the alleged wrongdoing of ImClone's board of directors.