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Elan Corp. NYSE: ELN



Company: Elan Corp.
Ticker Symbol: NYSE: ELN
Class Period: February 18, 2004 to February 25, 2005
Date Filed: Mar-03-05
Lead Plaintiff Deadline: Apr-03-05
Court: District, MA
Allegations:
A class action has been filed on behalf of purchasers of Elan Corp., plc ("Elan") (NYSE:ELN) securities during the period between February 18, 2004 and February 25, 2005 (the "Class Period"). Johnson & Perkinson has been retained by purchasers of Elan securities and will be filing an action tomorrow in the U.S. District Court for the District of Massachusetts.

The complaint charges Elan and certain of its officers with violations of the Securities Exchange Act of 1934. Elan is engaged in the development and commercialization of TYSABRI, a vaccine designed to treat patients with multiple sclerosis (MS), slowing the progression of the disease and reducing incidents of relapses. Throughout the Class Period, defendants caused Elan to make a number of positive statements about the status of its clinical trials and the commercial potential of TYSABRI, causing Elan's stock to trade at artificially inflated prices. The Complaint alleges that Elan violated federal securities laws by issuing false or misleading information. Specifically, defendants failed to disclose and misrepresented the following material adverse facts: (i) that TYSABRI(r) (natalizumab), a monoclonal antibody for the treatment of Multiple Sclerosis ("MS"), posed serious immune-system side effects; (ii) that TYSABRI, like other MS drugs, made patients susceptible to progressive multifocal leukoencephalopathy ("PML") by changing the way certain white blood cells function, thereby allowing PML, a normally dormant virus, to run rampant within the human body; (iii) that defendants knew and/or recklessly disregarded documented facts that MS drugs can cause greater incidents of PML to occur; and (iv) that defendants concealed these facts in order to fast track TYSABRI for FDA approval so that they could reap the financial benefits from the sales of the drug.

On February 28, 2005, Elan shocked the market by reporting that they were withdrawing TYSABRI from the market following reports of patients contracting PML, with at least one instance resulting in death. The announcement caused Elan's shares to plummet, declining over 70% to approximately $8 per share on February 28, 2005.

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.


If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.

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