November 10, 2011 - Parties filed a stipulation dismissing the case with prejudice.
October 18, 2011 - The court granted the defendants' motion to dismiss and granted lead plaintiff leave to amend.

July 17, 2011 - The defendants filed a motion to dismiss.

June 27, 2011 - The lead plaintiff filed an amended consolidated complaint.

June 21, 2011 - The defendants withdrew the motion to dismiss and the court ordered the motion withdrawn without prejudice to refiling.

June 6, 2011 - The defendants filed a motion to dismiss.

May 3, 2011 - The leead plaintiff and lead counsel were appointed and all cases were consolidated.

April 27, 2011 - Lead plaintiff motions were filed.

February 23, 2011 - An investor in American Depositary Shares (ADS) of Elan Corporation plc (NYSE: ELN) filed a lawsuit in the U.S. District Court for the Southern District of New York against Elan Corporation plc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 2, 2009 and August 5, 2009.

According to the complaint the plaintiff alleges on behalf of those who purchased publicly traded stock or American Depository Shares (ADS) of Elan Corporation plc (NYSE: ELN) between July 2, 2009 and August 5, 2009, that Elan Corporation plc, its President and CEO G. Kelly Martin, CFO Shane Cooke violated the Securities Exchange Act of 1934 by issuing between July 2, 2009 and August 5, 2009 materially false and misleading statements about a transaction between Elan Corporation plc and Johnson & Johnson.

Specifically, the plaintiff alleges that Elan Corporation plc stated that Johnson & Johnson had agreed to pay $1 billion for 18.4% ownership of Elan Corporation plc and 50.1% ownership of a new company, Janssen Alzheimer Immunotherapy (“Janssen”), a subsidiary formed by Johnson & Johnson to acquire Elan Corporation's Alzheimer’s immunotherapy program, but that Defendants failed to disclose that the agreement with Johnson & Johnson violated the terms of an existing collaboration agreement between Elan Corporation plc and Biogen Idec Inc for the development and sale of the multiple sclerosis drug Tysabri. As the Complaint alleges, Elan Corporation plc was ultimately forced to renegotiate its agreement with Johnson & Johnson, whereby Johnson and Johnson paid $115 million less to Elan Corporation plc than previously agreed. When the potential breach of the Elan/Biogen agreement became public, requiring the renegotiation of the Johnson & Johnson transaction, the price of Elan Corporation plc’s ADSs declined as artificial inflation came out of the price of those securities, so the complaint.

In fact shares of Elan Corporation plc (ADS) (NYSE: ELN) traded during 2006 at $12.50 and increased in 2008 to as high as $34.90, before falling from $33.64 on July 25 to $9.93 on August 1st 2008. During March 2009 ELN shares traded as low as $5 per share. ELN shares rose from $6.78 on July 10, 2009 to $8.29 during August 4 and then fell to $7.64 on August 6th. Recently ELN ADSs traded at $6.38 per share.

While Elan Corporation plc’s 12month Total Revenue went from $759.40million in 2007 to $1,169.70million in 2010, Elan Corporation plc (ADS) had to report a Net Loss of $405million in 2007 and a Net Loss of $324.70million in 2010.