This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Law Firm Of Wohl & Fruchter LLP Files Class Action On Behalf Of Investors In Elan Corporation, Plc Arising From Insider Trading By S.A.C. Capital Advisors, L.P. And Affiliates

The law firm of Wohl & Fruchter LLP announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of investors who purchased American Depositary Receipts (ADRs) of Elan Corporation, plc (Elan) (NYSE: ELN) or call options thereon, or who sold put options on Elan ADRs during the period from July 21, 2008 through and including 4:00 pm EDT on July 29, 2008 (the Class Period).

If you traded Elan securities during the Class Period, and wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action, determine whether you are a class member, or have any questions concerning this notice or your rights, please contact plaintiffs’ counsel, Ethan Wohl, at 866 582 8140 or 212 758 4000, or via email at Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

You can view a copy of the complaint or join this class action online at:

The complaint alleges that S.A.C. Capital Advisors, L.P. (SAC Capital) and related parties, including its founder and chief executive officer, Steven Cohen, engaged in illegal insider trading in violation of the Securities Exchange Act of 1934 by selling Elan ADRs and trading options ahead of adverse clinical trial results for an Alzheimer’s disease drug that was central to Elan’s drug development efforts.

As alleged in the complaint, a portfolio manager at SAC Capital, Mathew Martoma, obtained inside information from the medical doctor who chaired the drug’s safety monitoring committee, Sidney Gilman. The complaint further alleges that after obtaining the clinical trial results from Gilman, Martoma spoke with Cohen, and over the following seven trading days, SAC Capital then liquidated its entire holding of Elan ADRs, worth over $350 million, and acquired a short position in Elan amounting to approximately 4.5 million ADRs.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs