Elan settles charges for $15m
Athlone-headquartered pharmaceutical company Elan has agreed to pay $15m (€22m) to settle charges made by the US Securities and Exchange Commission that it misled investors.
The SEC said investors in 2000 and 2001 were falsely led to believe through regulatory filings and press releases that Elan had achieved record results through improvements in the company's business, but the gains were actually achieved through the company's divesting itself of certain products, and other transactions within the company.
Elan have settled without admitting or denying the allegations.
Elan CEO Kelly Martin said: "This is an important step forward for Elan, its shareholders and patients. Closure on the SEC investigation removes uncertainty."
Elan's shares are down 10c on the ISEQ this morning to €21.45.
