Elan heavy losses but future brighter

Once a giant of the Irish stock market and one of the companies most closely associated with the so-called Celtic Tiger economy, Elan’s stock lost 95 percent of its value since January 2002 when a Wall Street Journal article questioned its accounting practices and made comparisons with the collapsed energy giant Enron, which fell because of massive accounting fraud.
But since July 2002 Elan has raised $1.5 billion to pay of debts and reforms focused the company on its core businesses of pain management, neurology and autoimmune disorders.
The reforms are credited by analysts to the company’s chairman since July 2002, Dr. Garo Armen.
Investors now say Elan’s uphill battle looks a little less tough.