Elan Confirms SEC Probe
Irish Voice, April, 2005 by O'Driscoll, Sean
O'Driscoll, Sean Irish Voice 04-19-2005 IRISH medical company Elan has confirmed that that it is being investigated by the Securities and Exchange Commission for possible insider trading. The investigation, confirmed by the corporation this week, follows complaints about alleged sales of Elan shares in days before the share price took a nose drive over fears about the safety of its new Multiple Sclerosis drug Tysabri. Most of the complaints were directed at Biogen, Elan's business partner which is the manufacturer of Tysabri, as some Biogen executives admitted selling in their own company days before both companies announced on February 28 that a patient died from a rare brain disease while participating in a Tysabri trial. Last month, Biogen's chief counsel,...
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