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Elan Corporation ELN Securities Stock Fraud

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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:
New York, NY: A securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") of investors who purchased Elan Corporation, PLC ("Elan"or the "Company") (NYSE:ELN) common stock between the period of July 2, 2009 through August 5, 2009.

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.

Elan Corporation 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 securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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