A deadline is coming up on May 21, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Elan Corporation plc (ADS) (NYSE: ELN) and Wyeth (NYSE: WYE) between January 14, 2008 and July 18, 2008.
Investors who purchased a significant amount of shares of Elan Corporation plc (ADS) (NYSE: ELN) and Wyeth (NYSE: WYE) between January 14, 2008 and July 18, 2008, have certain options and should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 – 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Elan Corporation plc (ADS) (NYSE: ELN) and Wyeth (NYSE: WYE) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/elan-corporation-plc-ads-nyse-eln-and-wyeth-nyse-wye-investor-securities-class-action-lawsuit-1
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is May 21, 2016. The class action administrator for this case is Heffler Claims Group.
The lawsuit was originally filed in the U.S. District Court for the Southern District of New York against SAC Capital Advisors LP, CR Intrinsic Investors, LLC and other related parties, including SAC Capital Advisors’ founder and chief executive officer over alleged violations of Federal Securities Laws. According to the complaint the plaintiff alleges on behalf of purchasers the of Elan Corporation plc ADS between July 21, 2008 and July 29, 2008, that SAC Capital Advisors LP, CR Intrinsic Investors LLC , a wholly-owned subsidiary of SAC, and other related parties, including SAC’s founder and chief executive officer violated the Securities Exchange Act of 1934 by selling over 15 million Elan ADS and purchasing over $1 million worth of Elan put options. The plaintiff claims that these transactions resulted in the defendants receiving over $220 million in illegal profits and avoided losses by trading on material non-public information. The plaintiff alleges that the defendants traded ahead of a negative public announcement involving the clinical trial results for bapineuzumab, an Alzheimer’s drug being jointly developed by Elan Corporation plc and Wyeth. The plaintiffs claims that a portfolio manager at CR Intrinsic Investors, LLC allegedly obtained inside information from the medical doctor who chaired bapineuzumab’s Phase II clinical trial safety monitoring committee. The plaintiff further alleges that after the portfolio manager at CR Intrinsic Investors, LLC received such material non-public information regarding the drug’s clinical trial results, he shared this information with the SAC’s founder and chief executive officer, which allegedly caused SAC and CR Intrinsic Investors, LLC to liquidate their combined holdings in Elan Corporation plc ADS, worth over $365 million, and take substantial short positions, eventually selling over $500 million in Elan Corporation plc ADS securities in just over one week.
When the full results of bapineuzumab’s Phase II clinical trial were publicly disclosed after the market closed on July 29, 2008, Elan Corporation plc’s ADS (NYSE: ELN) dropped sharply in value.
Those who purchased NYSE: ELN and/or NYSE: WYE share shave certain options and should contact the Shareholders Foundation.
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