New York District Court Certifies Class and Appoints Class Counsel in SAC Capital Litigation

December 2, 2015

On December 2, 2015, the United States District Court for the Southern District of New York granted Plaintiff's motion, pursuant to Rule 23 of the Federal Rules of Civil Procedure (Rule 23) to certify (i) the “Elan Seller Class” (consisting of all persons who sold American Depositary Receipts (“ADRs”) of Elan contemporaneously with Defendants’ purchases of Elan ADRs during the period August 23, 2006 through and including July 18, 2008), and (ii) the “Elan Buyer Class”, (consisting of all persons who purchased ADRs of Elan, purchased call options thereon, or sold put options thereon, contemporaneously with Defendants’ sales of Elan ADRs, sale of call options thereon, or purchase of put options thereon, during the period July 21, 2008 through and including July 29, 2008 at 4:00 pm EDT).

The Court found that the Proposed Elan Classes satisfied all of the requirements of Rule 23(a) and the pertinent requirements of Rule 23(b). 

The Court also appointed Wohl & Fruchter LLP and its co-counsel as Class Counsel.

Click here to learn more about this case and download a copy of the certification order.