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Berger & Montague Announces Class Action Lawsuit Against Elan Corporation
Date:10/29/2008

PHILADELPHIA, Oct. 29 /PRNewswire-USNewswire/ -- Berger & Montague ("Berger") announced today that a class action lawsuit was filed in the United States District Court of New York on behalf of all purchasers of American Depository Shares (evidenced by American Depository Receipts) of Elan Corporation PLC ("elan" or the "Company") and all purchasers of options to purchase Elan securities during the period of June 17, 2008 through July 29, 2008 (the "Class Period") charging Elan and certain of its principal officers and directors with violations of the federal securities laws.

The complaint alleges that the Defendants materially misrepresented the facts about the results of a clinical study of a four ascending doses of a drug (bapineuzumab or AAB-001) that the Company and Wyeth were testing as a treatment for mild to moderate Alzheimer's disease.

The complaint alleges that the Defendants issued materially false and misleading representations stating that the 18 month clinical study of AAB-001, the Elan-Wyeth drug, produced "statistically significant and clinically meaningful benefits" in the 40-70% of patients with mild to moderate Alzheimer's disease who do not carry the gene that predisposes a person to Alzheimer's disease, as measured by four neuropsychological, mental and other Alzheimer's disease assessment scales.

These representations were materially misleading due to the facts disclosed at a medical conference on July 29, 2008, as follows:

(a) Typically, if a drug is effective higher doses of a drug correspond with increased efficacy. In the study of AAB-001 that did not occur. Indeed, patients did not even show a consistent pattern of benefit across the four different dosages that were administered in the trial.

(b) The lowest doses of AAB-001 worked better on some measures of cognition and function, while higher doses worked better on others, and sometimes doses in the middle produced worse results than placebo. This
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SOURCE Berger & Montague, P.C.
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