Law Offices of Howard G. Smith Announces Investigation of CR Intrinsic Investors, LLC
16 April 2013 - 3:30AM
Business Wire
Law Offices of Howard G. Smith announces that
it is investigating potential claims against CR Intrinsic
Investors, LLC, on behalf of investors who purchased the common
stock of Wyeth (formerly NYSE:WYE) between July 21, 2008 and July
29, 2008. The investigation focuses on possible violations of
federal securities laws.
The investigation is related to allegations that CR Intrinsic
Investors, LLC and certain of its affiliates including 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”). 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 conference, CR
Intrinsic Investors, LLC and certain of its affiliates began
aggressively selling their positions in Wyeth, and over the seven
trading days leading up to the July 29, 2008 announcement
completely liquidated their positions in Wyeth worth over $335
million and 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 29th.
If you purchased Wyeth shares between July 21, 2008 and July 29,
2008, if you have information or would like to learn more about
these claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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