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Case Status:    DISMISSED    
On or around 08/15/2011 (Date of order of final judgment)

Filing Date: October 14, 2008

The original complaint charges thae defendants and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The defendants are a neuroscience-based biotechnology company.

The complaint alleges that during the Class Period, defendants made materially false and misleading statements about bapineuzumab, a drug the defendants was developing in association with another company for the treatment of Alzheimer’s disease. Specifically, defendants failed to disclose unfavorable results from a Phase II clinical study of bapineuzumab that the defendants and the other company conducted. When those results were finally disclosed, the price of the defendants’ ADRs plunged from $33.75 to $19.63 in one day.

On May 11, 2009, Judge Alvin K. Hellerstein granted the motion to appoint Tyne & Wear Pension Fund as lead plaintiff of the consolidated cases and approved its choice of lead counsel, the firm of Coughlin Stoia Geller Rudman & Robbins LLP. The lead plaintiff shall serve the Consolidated Amended Complaint by July 17, 2009. The Consolidated Amended Complaint was filed on August 17, 2009. The defendants responded by filing a motion to dismiss on December 11, 2009.

On October 19, 2010, Judge Alvin K. Hellerstein removed Tyne & Wear Pension Fund as lead plaintiff due to recent decision in Morrison v. National Bank: of Australia. The motion of Elan Corporation is denied without prejudice. Elan Corporation filed a new motion to dismiss on November 19, 2010.

On March 18, 2011, Judge Alvin K. Hellerstein granted in part and denied in part the motion to dismiss. According to the Order, for the reasons provided on the record, I hold that Morrison precludes any claims based on purchases of Elan Corporation stock or call options on such stock. As to purchases of American Depositary Receipts ("ADRs") or call options on such ADRS, I hold that Morrison does not compel dismissal at the pleadings stage. I therefore grant the motion to dismiss in part and deny it in part. Within one week of this Order, Plaintiffs shall file amended complaints eliminating all claims foreclosed by Morrison.

On March 25, 2011, an Amended Consolidated Complaint was filed, with an extended class period. The defendants filed a motion to dismiss on April 6, 2011. On June 24, 2011, Judge Alvin K. Hellerstein granted the motion to dismiss with leave to amend. By July 29, 2011, Plaintiffs' counsel may file a single, coordinated brief setting forth grounds for allowing them to amend their Complaints.

According to the Summary Order signed by Judge Alvin K. Hellerstein on August 9, 2011, the judgment found there was no basis to permit Plaintiffs to amend their Complaints. The cases remain dismissed, with prejudice and without costs. The Clerk's Judgment was filed on August 15, 2011, and the cases are now closed.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: Ireland

SECURITIES INFORMATION:

Ticker Symbol: ELN
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 08-CV-08761
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 10/14/2008
CLASS PERIOD START: 06/17/2008
CLASS PERIOD END: 07/29/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-08761
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 03/25/2011
CLASS PERIOD START: 05/21/2007
CLASS PERIOD END: 10/21/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  2. Scott & Scott LLP (New York-Current)
    500 Fifth Avenue, 40th Floor, Scott & Scott LLP (New York-Current), NY 10110
    212.223.6444 212.223.6334 ·
No Document Title Filing Date
No Document Title Filing Date