February 16, 2011
By Staff Reporter
The company, embattled since it was revealed that the Security and Exchange Commission was investigating its accounting practices more than 20 months ago, has tried consolidate assets and trim costs to lure investors back.
While the company executives tried to paint a rosy outlook, a handful of investors demonstrated here Tuesday in front of the United States’ Security and Exchange Commission’s headquarters.
“It’s a beautiful day to demonstrate,” said the organizer of the small protest, David Kaplan, of Washington, D.C.
The group wants the SEC to conclude its investigation into Elan’s accountancy practices.
“Twenty months is just way too long for an investigation to take and its continuation undermines investment confidence in the company,” Kaplan said while holding a sign reading: “Free the Elan Shareholders.”
The SEC refused to answer questions on the status of the investigation.
The lunchtime protest drew attention as employees filed in and out of the building in downtown Washington.
Tom Sturm, an Elan shareholder from Columbia, Md., said he has a personal interest in a return of investor confidence in the company.
“My mom has Alzheimers, and I believe the overly lengthy investigation is stopping drugs from coming on the market that could help her,” he said.
The protesters met via an internet message board for investors. They promise to continue to press the SEC to finalize its investigation.
“I’m very anxious and hopeful because it’s adversely affected so many people who could be getting medicines they desperately need,” Strum said.
Wall Street liked what it heard today. The stock’s price rose consistently during brisk afternoon trading on the NYSE.