Elan, Pfizer Didn't Hype Alzheimer's Drug, 2nd Circ. Hears

Law360, New York (April 19, 2012, 4:27 PM ET) -- Elan Corp. PLC and Pfizer Inc. told the Second Circuit on Thursday that press releases it issued on clinical trials of an Alzheimer's drug were not misleading, contrary to investor class claims that the companies concealed negative information that later caused stock prices to plummet.

The investors' attorney Brian Kerr of Brower Piven PC told a three-judge panel that the company issued a June 2008 press release claiming that phase 2 clinical trials showed “encouraging” results of the drug Bapineuzumab, then issued full details on the...
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