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

ice of $20.99 on July 20, 2008, a decline of $13.76 per ADS, on extraordinary volume of almost 53 million ADSs.

As reported by The Wall Street Journal, Dr. Ronald Petersen, a neurologist at the Mayo Clinic and Chairman of the Medical and Scientific Advisory Counsel of Alzheimer's Association, the group sponsoring the July 29th Alzheimer's meeting at which the data from the study of AAB-001 was presented, commented that "I can't tell if the compound's efficacious or not at this point in time." The Wall Street Journal further reported the comments of experts that it was not clear why the drug seemed to work in some people but not others, and their concern that the more ways the data are sliced, the more likely it was that positive results would result from chance. In summary, The Wall Street Journal stated:

[T]he full findings for the drug bapineuzumab, remain inconclusive and may underwhelm many scientific experts and investors.

If you purchased Elan ADSs or options to purchase Elan securities during the Class Period, you may request that the Court appoint you as lead plaintiff no later than December 14, 2008. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.

Any member of the putative 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.

Investors in Elan who wish to discuss this action may contact Berger & Montague, P.C., toll free at 1-888-891-2289, or by e-mail at investorprotect@bm.net. A copy of the class action complaint can be viewed on Berger & Montague, P.C.'s website at http://www.bergermontague.com or may be requested from the Court. The case is Feingold v. Elan Corporation, PLC, et al., No. 08-civ-9779, United States District Court, Southern District of New York.

For more information about this case,
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SOURCE Berger & Montague, P.C.
Copyright©2008 PR Newswire.
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