SAC Sued by Elan Investors Over Alleged Insider Trades

SAC Capital Advisors LP and its founder, Steven A. Cohen, were sued by a group of Elan Corp. (ELN) investors who claimed losses as a result of alleged illegal insider trading by SAC in the drugmaker’s stock.

Six investors who held American depositary receipts in Dublin-based Elan sued in Manhattan federal court Dec. 21. They are seeking to represent a class of investors who bought Elan ADRs or traded in options from July 21 to July 29, 2008.

via SAC Sued by Elan Investors Over Alleged Insider Trades – Businessweek