NEW YORK, Oct. 17, 2008 (LAWFUEL) — The Brualdi Law Firm, P.C.
announces that a lawsuit has been commenced in the United States
District Court for the Southern District of New York on behalf of
purchasers of Elan Corporation, PLC. (“Elan” or “the Company”)
(NYSE:ELN) publicly traded stock or American Depository Receipts
(“ADRs”) during the period between June 17, 2008 through July 29, 2008
(the “Class Period”) for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased Elan publicly traded stock or ADRs during the Class
Period, and wish to move the court for appointment of lead plaintiff,
you must do so by December 15, 2008. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. The lead plaintiff will be selected from
among applicants claiming the largest loss from investment in the
Company during the Class Period. You do not need to seek appointment as
a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. 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 Sue Lee at The
Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York
10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by
email to slee@brualdilawfirm.com or visit our website at
http://www.brualdilawfirm.com.
The complaint alleges that during the Class Period, defendants 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 finally disclosed,
the price of Elan’s ADRs plunged from $33.75 to $19.63 in one day.
