LAKE SUCCESS, New York, March 29, 2016 /PRNewswire/ -- The following statement is being issued by Garden City Group, LLC regarding the Summary Distribution Plan Notice of CR Intrinsic Fair Fund to Elan Corporation PLC and Wyeth Investors.
UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
Securities and Exchange Commission
CR Intrinsic Investors, LLC, et al.
Civil Action No. 12-cv-8466 (VM)
SUMMARY DISTRIBUTION PLAN NOTICE OF CR INTRINSIC FAIR FUND TO ELAN CORPORATION PLC AND WYETH INVESTORS ESTABLISHED BY THE SECURITIES & EXCHANGE COMMISSION ("SEC")
If you purchased or acquired (or sold in the case of put options) Wyeth common stock, Wyeth put and call options, Elan American Depository Shares (ADS), Elan ADS put and call options, and Elan ordinary shares (the "Eligible Securities") from July 21, 2008 through the close of trading at 4:00 p.m. EDT on July 29, 2008, inclusive (the "Recovery Period"), you may be eligible for compensation.
PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU MAY BE ELIGIBLE FOR RECOVERY FROM THE CR INTRINSIC FAIR FUND.
THIS NOTICE CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS.
What this Case is About
On November 20, 2012, the United States Securities & Exchange Commission brought suit against CR Intrinsic Investors, LLC ("CR Intrinsic"), for illegal profits and losses avoided by trading ahead of a negative public announcement involving the clinical trial results for an Alzheimer's drug being jointly developed by Elan and Wyeth while in possession of material non-public information about the clinical trial results. On March 15, 2013, the Commission filed its Amended Complaint ("Complaint") in this action to include relief defendants CR Intrinsic Investments, LLC, S.A.C. Capital Advisors, LLC, S.A.C. Capital Associates, LLC, S.A.C. International Equities, LLC and S.A.C. Select Fund, LLC (collectively with CR Intrinsic, the "Defendants"). The Defendants entered consent agreements and on June 18, 2014, the Court entered Final Judgments ordering the Defendants to collectively pay disgorgement, prejudgment interest, and civil penalties in the amount totaling $601,747,463.22 to resolve the Commission's claims. On or about August 7, 2014, $601,832,697.04 was paid to the Clerk of the Court and deposited into an interest-bearing account with the Court Registry Investment System ("CRIS") account on August 6, 2014.
On January 26, 2015, a Fair Fund comprised of the disgorgement, prejudgment interest and civil penalties paid collectively by the Defendants was established by the Court to compensate investor victims of the fraud and a Tax Administrator, Damasco & Associates LLP, was appointed to handle the tax obligations of the Fund. On April 22, 2015, the Court entered an Order appointing Garden City Group, LLC as the Distribution Agent to assist in developing a Distribution Plan to distribute monies in the CR Intrinsic Fair Fund to investors harmed by the violations alleged in the Complaint.
The SEC submitted a Distribution Plan to the Court for its approval on November 23, 2015 and submitted an Amended Distribution Plan to the Court on December 10, 2015. The Court approved the Amended Plan of Distribution ("Distribution Plan") in its entirety on February 4, 2016.
Who is Eligible for Compensation
If you purchased or acquired (or sold in the case of put options) Eligible Securities from July 21, 2008 through the close of trading at 4:00 p.m. EDT on July 29, 2008, inclusive, you may be eligible for compensation.
How to Obtain Compensation
You can file a Proof of Claim Form by mailing the completed form to:
SEC v. CR Intrinsic Investors, LLC
P.O. Box 10185
Dublin, OH 43017-3185
You must complete and sign the Proof of Claim Form and submit it to the Distribution Agent so that it is postmarked (or if not sent by U.S. Mail, received) no later than July 16, 2016.
If you have any questions, or if you would like to receive a Proof of Claim Form in the mail, you may call (888) 599-2123 in the United States, send an email to questions@CRIntrinsicFairFund.com, or visit www.CRIntrinsicFairFund.com.
SOURCE Garden City Group, LLC