Elan Corporation plc (ADS) (NYSE: ELN) and Wyeth (NYSE: WYE) Investor Securities Class Action Lawsuit 12/21/2012

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Company Name(s): 
SAC Capital Management
Case Name: 
SAC Capital Management Class Action Lawsuit 12/21/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: ELN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/21/2012
Class Period Begin: 
08/23/2006
Class Period End: 
06/17/2008
Class Period Begin: 
07/21/2008
Class Period End: 
07/29/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/19/2013
Date Settled: 
12/06/2016
Settlement Amount: 
$135,000,000
Deadline to Participate in Settlement: 
05/29/2017
Summary: 

The settlement includes all persons who (a) sold Elan Corporation plc ADRs during the period August 23, 2006 through and including June 17, 2008 at 2:00 a.m. EDT, or (b) purchased Elan Corporation plc ADRs, purchased call options thereon, or sold put options thereon, during the period July 21, 2008 through and including July 29, 2008 at 4:00 p.m. EDT.

December 6, 2016 - The court preliminarily approved the settlement.

November 30, 2016 - Parties filed a stipulation of settlement.

If you (a) sold Wyeth common stock during the period January 14, 2008 through and including July 18, 2008, or (b) purchased Wyeth common stock during the period July 21, 2008 through and including July 29, 2008 at 4:00 p.m. EDT, you could get a payment from a class action settlement.

October 3, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

January 7, 2016 - The court preliminarily approved the settlement.

December 21, 2015 - Certain defendants and lead plaintiffs filed a stipulation of settlement.

April 28, 2015 - The court granted defendants' motion to dismiss.

September 22, 2014 - The defendants filed a motion to dismiss.

September 3, 2014 - The lead plaintiffs filed a second amended consolidated complaint on behalf of investors who purchased American Depositary Shares (ADS) of Elan Corporation plc (NYSE: ELN) between August 23, 2006 through and including 4:00 pm EDT on July 29, 2008 and on behalf of investors who purchased Wyeth (NYSE: WYE) between January 14, 2008 through and including 4:00 pm EDT on July 29, 2008. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 23, 2006 and July 29, 2008.

August 14, 2014 - The court granted in part and denied in part the defendants' motions to dismiss.

April 28, 2014 - The defendants filed motions to dismiss.

March 31, 2014 - The lead plaintiffs filed an amended consolidated joint complaint.

January 8, 2014 - The lead plaintiffs filed a consolidated joint complaint that is also on behalf of a different case.

October 22, 2013 - Another set of new lead plaintiffs and lead counsel were appointed.

September 20, 2013 - A new lead plaintiff motion was filed.

August 8, 2013 - Another set of new lead plaintiffs and lead counsel were appointed.

July 15, 2013 - The lead plaintiff filed an amended complaint on behalf of investors who purchased American Depositary Shares (ADS) of Elan Corporation plc (NYSE: ELN) as well as shares of Wyeth (NYSE: WYE) common shares between July 1, 2006 and July 18, 2008 and between July 21, 2008 and July 29, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 1, 2006 and July 18, 2008 and between July 21, 2008 and July 29, 2008.

June 17, 2013 - A new lead plaintiff and new lead counsel were appointed.

May 13, 2013 - The lead plaintiffs filed a consolidated complaint.

May 10, 2013 - Additional cases were consolidated.

April 15, 2013 - The lead plaintiffs and lead counsel were appointed.

April 12, 2013 - Another investor filed a complaint.

February 19, 2013 - A lead plaintiff motion was filed.

February 6, 2013 - All cases were consolidated.

December 21, 2012 - An investor in American Depositary Shares (ADS) of Elan Corporation plc (NYSE: ELN) filed a lawsuit 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.

Elan Corporation plc ADS (NYSE: ELN) reported that its annual Revenue increased from $1 billion in 2008 to over $1.24 billion in 2011 and that its Net Loss of $71 million in 2008 turned into a Net Income of $560.50 million in 2011.

Shares of Elan Corporation plc ADS (NYSE: ELN) increased from as low as $4.50 per share in September 2010 to as high as $15.01 per share in March 2012.

On January 11, 2013, NYSE: ELN shares closed at $10.34 per share.