Elan Investors Hit SAC With Insider Trading Class Action

Law360, New York (January 8, 2013, 10:09 PM EST) -- Elan Corp. PLC investors slapped SAC Capital Advisors with a proposed class action Monday in New York federal court, accusing SAC of reaping $220 million from illegal insider trading related to an Alzheimer's drug while suppressing negative information about the drug's trials.

The lawsuit, filed by Elan investor Jeannie Kiser, also targets SAC founder Steven Cohen; Mathew Martoma, a former portfolio manager for one of SAC's subsidiaries; and Sidney Gilman, a professor of neurology at the University of Michigan Medical School and chairman of the committee...
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