WILMINGTON, Del., April 2 LAWFUEL – Class Actions – Law Jobs– A securities class action lawsuit was commenced in the Eastern District of New York on behalf of all persons who acquired securities of Eli Lilly and Company (NYSE: LLY) (“Lilly” or the “Company”) between March 28, 2002 and December 22, 2006 inclusive (the “Class Period”). A copy of the Complaint is available from the Court or from Grant & Eisenhofer P.A. Please contact us at (302) 622-7000 or by email at [email protected]
The Complaint charges the Defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder, for misrepresenting to investors known adverse
side-effects associated with the use of Zyprexa, the Company’s best-selling drug and by failing to disclose a systematic and illegal campaign by the Company to increase Zyprexa sales by marketing Zyprexa for unapproved, off-label uses. The Complaint alleges that for over a decade, Eli Lilly knew of links between Zyprexa and extreme weight gain and diabetes. In addition, during the Class Period, the Company engaged in a scheme to market Zyprexa for uses that were not approved by the FDA, in violation of FDA regulations that proscribed such marketing. Federal and state
regulators have commenced law suits against Lilly based on these marketing schemes and the Company has denied any wrongdoing.
During the Class Period, in the face of mounting independent research
connecting Zyprexa to diabetes and weight gain, and lawsuits by persons who suffered these side-effects, Lilly emphatically denied any such link. Yet,
as public agencies raised warnings about the safety of Zyprexa, and Lilly
settled product liability lawsuits involving the drug, Lilly’s stock lost
more than $30 billion in market value in connection with the fraud.
Plaintiffs seek to recover damages on behalf of all those who purchased or otherwise acquired Lilly securities during the Class Period. If you purchased or otherwise acquired Lilly securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 29, 2007.
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. Under certain circumstances, one or
more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Grant & Eisenhofer P.A., or other counsel of your choice, to serve as your counsel in this action.
Grant & Eisenhofer P.A. has been retained as one of the law firms to
represent the class. The attorneys at Grant & Eisenhofer P.A. have
extensive experience in prosecuting securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. For more information about Grant & Eisenhofer P.A. please visit our website at http://www.gelaw.com.
If you would like to discuss this action or if you have any questions
concerning this Notice or your rights as a potential class member or lead
plaintiff, you may contact Sharan Nirmul or Naumon A. Amjed, at Grant &
Eisenhofer P.A., Chase Manhattan Centre, 1201 North Market Street,
Wilmington, DE 19801, at 888-464-3529 or 302-622-7000 or by e-mail at