SOURCE: Brower Piven, A Professional Corporation

March 02, 2011 17:34 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Elan Corporation, PLC to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 26, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - March 2, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Elan Corporation, PLC ("Elan" or the "Company") (NYSE: ELN) during the period between July 2, 2009 and August 5, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 26, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses Elan and certain of its officers and directors of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that a provision in their definitive agreement with Johnson & Johnson ("JNJ") regarding the July 2, 2009 sale of the Company's rights to its Alzheimer Immunotherapy Program ("AIP") to JNJ would violate the terms of an existing agreement between the Company and Biogen Idec Inc. ("Biogen") related to their joint development and sale of multiple sclerosis drug Tysabri. According to the complaint, after Elan disclosed that as a result of the violation, Elan was forced to renegotiate the terms of its sale of AIP, whereby JNJ paid $115 million less to Elan than previously agreed, the value of Elan shares declined significantly.

If you have suffered a net loss for all transactions in Elan Corporation, PLC common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact