Max Stendahl writes: a putative class of Elan Corp.
shareholders has sued Steven A. Cohen and his hedge fund SAC Capital Advisors
LP over an alleged $276 million insider trading scheme involving shares of the
drug giant’s stock, marking the first private suit to emerge from the tipping
scandal.
Six Elan investors allege in the Dec. 21 complaint that
Cohen failed to properly supervise Mathew Martoma, a former SAC portfolio
manager accused in November of netting the hedge fund $276 million in profits
and avoided losses by trading on...
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