Business Services Industry
Irish Pharmaceutical Firm Sees Drop in Price Following News of Investigation.
Knight Ridder/Tribune Business News, February, 2002
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 9--Elan slumped again as the US Securities and Exchange Commission launched an investigation into claims the Irish drugs group used deceptive accounting policies. Elan's shares, UKpound 30 three weeks ago and UKpound 44.47 last year, fell 49 1/2 pence to 923 1/2 pence.
The SEC action follows Elan's profit warning on Monday and criticisms of its off-balance sheet financing arrangements. It is facing legal action in the US.
Its broker, ABN Amro, sprang to its defence. It pointed out that the SEC had looked into Elan's affairs before. This had not "resulted in any material changes to accounting policies." This time, "we would have to assume that Elan is likely to come away with a...
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