NEW YORK, Oct. 17, 2008 (GLOBE NEWSWIRE) -- 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.