Rosen Law Firm Announces Securities Class Action on Behalf of Elan Corporation PLC Shareholders Against S.A.C. Capital Advisors and Steven A. Cohen

The Rosen Law Firm announced that a class action lawsuit has been filed on behalf of investors in Elan Corporation PLC who purchased ADRs and call options or sold put options during the period from July 21, 2008 through July 29, 2008. The Complaint alleges that S.A.C. Capital Advisors, L.P. ("SAC"), CR Intrinsic Investors, LLC, a subsidiary of SAC, and related parties, including chief executive Steven Cohen, illegally sold over 15 million Elan ADRs and purchased over $1 million worth of Elan put options on the basis of insider information. SAC and its affiliates netted over $220 million in illegal profits and avoided losses by this illegal insider trading scheme. Specifically, the defendants traded ahead of the announcement of clinical trial results for Bapineuzumab ("BAPI"), an Alzheimer's drug being jointly developed by Elan. The complaint alleges that a portfolio manager at CR Intrinsic, Mathew Martoma, obtained inside information from Dr. Sidney Gilman, the physician chairing Bapi's Phase II clinical trial safety monitoring committee. The complaint asserts that Martoma gave this information to defendant Cohen, who then liquidated all of SAC's and CR Intrinsic's holdings in Elan ADRs, worth over $365 million, and also took substantial short positions - selling over $500 million in Elan securities in just over one week.