RADNOR, Pa., Dec. 11 /PRNewswire/ --The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of Elan Corporation, plc (NYSE: ELN) ("Elan" or the "Company") between May 21, 2007 and October 21, 2008, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
The Complaint charges Elan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Elan is a neuroscience-based biotechnology company. The Complaint alleges that during the Class Period the Company made materially false and misleading statements about bapineuzumab, a drug Elan 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 disclosed on July 29, 2008, the price of Elan's shares plunged from $33.75 to $19.63 on extremely high volume. On October 22, 2008, it was reported that some European regulators had asked that trials of bapineuzumab be delayed following the mixed results of the mid-stage U.S. trials. On this news, the price of Elan's shares fell from $9.06 per share to $7.82 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country. Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Barroway Topaz Kessler Meltzer & Check or to sign up to participate in this action online, please visit www.btkmc.com.
If you are a member of the class described above, you may, not later than December 15, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP Darren J. Check, Esq. David M. Promisloff, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at email@example.com
|SOURCE Barroway Topaz Kessler Meltzer & Check, LLP|
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