Scott+Scott, Attorneys at Law, LLP Files Amended Class Action Complaint Against SAC Capital Advisors, Among Other Defendants, o
15 Juli 2013 - 8:13PM
Scott+Scott, Attorneys at Law, LLP ("Scott+Scott") has filed an
amended class action complaint in the United States District Court
for the Southern District of New York on behalf of all persons who
sold or otherwise divested the common stock of Wyeth (formerly
NYSE:WYE) contemporaneously with the Defendants' unlawful trades
from July 1, 2006 through and including July 18, 2008 (the "Class
Period"). The action seeks remedies under the Securities Exchange
Act of 1934 (the "Exchange Act"). Scott+Scott previously filed an
action on December 21, 2012, on behalf of a class of all persons
who purchased or otherwise acquired the common stock of Wyeth
between July 21, 2008 and July 29, 2008, inclusive, and by order
dated June 17, 2013, the Court appointed City of Birmingham
Retirement and Relief System as Lead Plaintiff.
If you sold or otherwise divested Wyeth common stock during the
Class Period and wish to serve as a lead plaintiff in the action,
you must move the Court no later than September 13, 2013. Any
member of the investor class may move the Court to serve as lead
plaintiff through counsel of its choice or may choose to do nothing
and remain an absent class member. If you wish to discuss this
action or have questions concerning this notice or your rights,
please contact Scott+Scott (scottlaw@scott-scott.com, (800)
404-7770, (860) 537-5537) or visit the Scott+Scott website for more
information. There is no cost or charge to you for contacting
Scott+Scott.
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. (collectively, "Defendants"), 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.
Specifically, the complaint charges that, during the Class
Period, defendants established substantial long positions in Wyeth
securities while in possession of material non-public information
concerning the bapi Phase II clinical trial, acquiring over 3
million shares. As of June 30, 2008, Defendants held over $373
million in Wyeth stock.
On June 17, 2008, Wyeth released top-line summary results from
the Phase II 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
additional non-public final Phase II clinical results from the bapi
trial, which were strongly and unexpectedly
negative. Defendants aggressively sold their Wyeth shares
ahead of the public announcement of the bapi results, completely
liquidating their positions. In addition, Defendants opened
large short positions in Wyeth.
On July 29, 2008, after the close of the U.S. securities
markets, the disappointing Phase II clinical results of bapi were
announced to the public. On July 30, 2008, the next trading
day, Wyeth's share price fell 41.8% from its prior close on July
29th.
Scott+Scott has significant experience prosecuting major
securities, antitrust, and employee retirement plan actions
throughout the United States. The firm represents pension
funds, foundations, individuals, and other entities worldwide.
CONTACT: If you have any questions regarding this matter,
please contact:
Michael Burnett
Scott+Scott, Attorneys at Law, LLP
(800) 404-7770
(860) 537-5537
scottlaw@scott-scott.com, or
mburnett@scott-scott.com
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