Elan Faces Shareholder Suit Over Alzheimer's Drug

Law360, New York (October 29, 2008, 12:00 AM EDT) -- Elan Corp. has been slammed with a proposed securities class action alleging the biotechnology giant lied to investors about the results of a clinical trial of a drug it was developing to treat Alzheimer's disease in order to beat competitors to the estimated billion-dollar market.

In a complaint filed Monday in the U.S. District Court for the Southern District of New York, plaintiff Irving Feingold claims that Elan and two senior executives violated federal securities laws by artificially inflating the company's stock price after boasting that...
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