Elan Shareholder Suit Gets The Boot

Law360, New York (February 9, 2011, 8:02 PM EST) -- A federal judge Wednesday dismissed a shareholder suit against Elan Corp. PLC, saying that the complaint failed to allege either falseness or intent to deceive in the drugmaker's public statements about two underperforming products.

Judge Charles R. Breyer of the U.S. District Court for the Northern District of California ruled that the plaintiffs had 30 days to amend their complaint in order to meet the legal specificity requirements.

The suit was filed in June by Philco Investments Ltd., David Mauer, and David and Maria Rosenbaum, investors...
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