Briefly
Irish drug maker Elan Corp. said it agreed to pay $15 million to settle Securities and Exchange Commission charges it misled investors about revenue from a joint venture program.
The Dublin-based company settled without admitting to or denying the SEC’s allegations, contained in a lawsuit filed Tuesday in U.S. District Court for the District of Columbia.
The $15-million penalty is intended to be distributed to investors harmed by the company’s alleged wrongdoing. The final judgment is subject to court approval.
Elan booked nearly $500 million of license fees from the joint venture in 2000 and 2001 but failed to tell investors it was being paid with money Elan provided to its venture partners, the SEC said.
Elan’s shares fell 84 cents, to $27.52 on the New York Stock Exchange.
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