Scott+Scott, Attorneys at Law, LLP has filed a class action complaint in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired the common stock of Wyeth between July 21, 2008 and July 29, 2008, inclusive. The action seeks remedies under the Securities Exchange Act of 1934. The securities class action complaint alleges that CR Intrinsic Investors, LLC, together with its affiliates, including but not limited to SAC Capital Associates, LLC and SAC Capital Advisors, L.P., violated the securities laws by trading Wyeth shares based on material, non-public information ahead of a July 29, 2008 announcement disclosing disappointing clinical trial results for the drug bapineuzumab (AAB-001). Bapi was an Alzheimer's disease treatment that was being jointly developed by Wyeth and Elan Corporation, plc. On June 17, 2008, Wyeth released top-line summary results from the Phase 2 clinical trial of bapi. The market's reaction was favorable, and Wyeth's common stock rose 10.7% after the announcement. Detailed trial results were to be released at a conference on July 29, 2008. Shortly before the July 29, 2008 conference, Defendants obtained material, non-public information, pursuant to which they learned that the final results from the bapi drug trials were a disappointment. Defendants began aggressively selling their positions in Wyeth, and over the seven trading days leading up to the July 29, 2008 announcement, Defendants completely liquidated their positions in Wyeth, worth over $335 million. In addition, Defendants opened large short positions in Wyeth. On July 29, 2008, after the close of the U.S. securities markets, the detailed Phase II clinical results of bapi were presented. The results of the Phase II clinical trial were strongly and unexpectedly negative. On July 30, 2008, the next trading day, Wyeth's share price fell 41.8% from its prior close on July 29. In total, by trading on material, non-public information related to Wyeth during the week before the July 29 presentation, defendants avoided approximately $40.4 million in losses on their long positions, and secured a $16 million profit from the short positions they opened during the same week. Conversely, it is alleged in the complaint that plaintiff and other members of the Class suffered damages under the federal securities laws when they purchased Wyeth common stock during the class period.

S.A.C. Capital Advisors L.P. Presents at 5th Annual Investor Relations Insights Conference, Mar-21-2013 02:45 PM. Venue: Bank of America Tower, One Bryant Park, Corner of 42nd St and 6th Ave, New York, New York, United States. Speakers: Perry Boyle, Director of Research.

The law firm of Lieff Cabraser Heimann & Bernstein, LLP announced that class action lawsuits have been brought on behalf of Elan Corporation, plc Investors Against S.A.C. Capital Advisors, LP and its Affiliates, all persons who purchased or otherwise acquired the American Depositary Shares, call options, and/or sold the put options of Elan Corporation, plc between July 21, 2008 and 4:00 pm EDT on July 29, 2008. If purchased or otherwise acquired the ADRs, call options, and/or sold the put options of Elan during the Class Period, may move the court for appointment as lead plaintiff by no later than February 19, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Share of any recovery in the action will not be affected by decision of whether to seek appointment as lead plaintiff. May retain Lieff Cabraser, or other attorneys, as counsel in the action. The actions allege that, during the Class Period, S.A.C. Capital Advisors, L.P., CR Intrinsic Investors, a wholly-owned subsidiary of SAC Capital, and other related parties, including SAC Capital founder and CEO, Steven Cohen, engaged in illegal insider trading in violation of the Securities Exchange Act of 1934 by selling Elan ADRs and trading options prior to the disclosure of adverse clinical trial results for an Alzheimer's disease drug that was central to Elan's drug development efforts. Defendants received over $220 million in illegal profits and avoided significant losses by trading on material non-public information. On July 29, 2008, after the close of trading, the adverse results of the clinical trial were publicly disclosed. Upon this news, Elan's ADRs declined 41.8% the next day. According to the complaint, Martoma is presently the subject of a criminal prosecution for his alleged role in the insider trading of Elan securities. Gilman has settled civil charges brought by the Securities and Exchange Commission, agreed to disgorge more than $200,000, and entered into a non-prosecution agreement with the U.S. Attorney's office for his role in the illegal scheme.