Following a profits warning in January, news emerged that the public company was using special purpose vehicles to inflate its profits – accounting policies similar to those that brought down Enron, the US energy giant.
Commenting on the investigation, announced last Thursday, the company said it welcomed ‘the opportunity to resolve all matters raised by the SEC in light of recent allegations made against the company in the media and in shareholder lawsuits’.
Elan is facing a class action filed in the US by angry shareholders alleging the company’s profits had been artificially inflated. Elan shares trade on the New York, London and Dublin stock exchanges.
Its share opened at £1.04 in London today up 9.9% from a fall of 5% to 927p on Friday.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars