| Company: | Elan Corporation |
| Ticker Symbol: | ELN |
| Class Period: | Jul-2-09 to Aug-5-09 |
| Date Filed: | Mar-1-11 |
| Lead Plaintiff Deadline: | Apr-30-11 |
| Court: | Southern District of New York |
| Allegations: | |
The Complaint alleges Elan and certain of its officers and directors with violating Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 by making false and misleading statements regarding the July 2, 2009 sale of the Company's rights to its Alzheimer Immunotherapy Program ("AIP") to Johnson & Johnson ("JNJ"). The Complaint alleges that Elan failed to disclose that a provision in their definitive agreement with JNJ would violate the terms of an existing agreement between the Company and Biogen Idec Inc. ("Biogen") related to their joint development and sale of multiple sclerosis drug Tysabri. As a result of the violation, Elan was forced to renegotiate the terms of its sale of AIP, whereby JNJ paid $115 million less to Elan than previously agreed.
On August 6, 2009, Elan issued a press release disclosing the breach of their agreement with Biogen to the public. In a reaction to this news, shares of Elan common stock fell from prices trading as high as $8.58 per share to close on February 6, 2009 at $7.64 per share, representing a drop of more than 11%, on abnormally high trading volume.
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.
