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Case Status:    DISMISSED    
On or around 11/10/2011 (Court's order of dismissal)

Filing Date: February 23, 2011

According to the press release February 26, 2011, the Complaint asserts that, during the Class Period, Defendants made materially false and misleading statements about a transaction between Elan and Johnson & Johnson (“JNJ”). Specifically, the Complaint asserts that Defendants stated that JNJ had agreed to pay $1 billion for 18.4% ownership of Elan and 50.1% ownership of a new company, Janssen Alzheimer Immunotherapy (“Janssen”), a subsidiary formed by JNJ to acquire Elan's Alzheimer’s immunotherapy program, but that Defendants failed to disclose that the agreement with JNJ violated the terms of an existing collaboration agreement between Elan and Biogen Idec Inc. (“Biogen”) for the development and sale of the multiple sclerosis drug Tysabri. As the Complaint alleges, Elan was ultimately forced to renegotiate its agreement with JNJ, whereby JNJ paid $115 million less to Elan than previously agreed. When the potential breach of the Elan/Biogen agreement became public, requiring the renegotiation of the JNJ transaction, the price of Elan’s ADSs declined as artificial inflation came out of the price of those securities.

On May 3, 2011, the Court issued an order appointing Thomas H. Bown II as lead plaintiff and approved Shepherd, Finkelman, Miller & Shah, LLP, as lead counsel.

On June 21, 2011, the Court issued an order granting Defendant's motion to withdraw its motion to dismiss without prejudice to re-file at a later date.

The lead plaintiff filed an amended complaint on June 27, 2011, setting forth the allegations that the Defendant violated Sections 10(b) and 20(a) of the Exchange Act along with Rule 10b-5.

On October 18, 2011, the Court issued an Order granting the Defendant's Motion to Dismiss in its entirety, however, granted the Plaintiff 30 days leave to file an amended complaint.

On November 10, 2011, the Court issued an order dismissing the action with prejudice.

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 #: 11-CV-01232
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 02/23/2011
CLASS PERIOD START: 07/02/2009
CLASS PERIOD END: 08/05/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Shepherd, Finkelman, Miller & Shah, LLC (Connecticut)
    65 Main Street , Shepherd, Finkelman, Miller & Shah, LLC (Connecticut), CT 06412
    860.526.1100 860.526.1100 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-01232
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 06/27/2011
CLASS PERIOD START: 07/02/2009
CLASS PERIOD END: 08/05/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Shepherd, Finkelman, Miller & Shah, LLC (Connecticut)
    65 Main Street , Shepherd, Finkelman, Miller & Shah, LLC (Connecticut), CT 06412
    860.526.1100 860.526.1100 ·
No Document Title Filing Date