01.08.2014 18:29:01
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Allergan Sues Valeant, Ackman Over Insider Trading - Update
(RTTNews) - Botox maker Allergan Inc (AGN), Friday filed a lawsuit against Valeant Pharmaceuticals (VRX, VRX.TO), Pershing Square Capital Management and William Ackman, on charges they violated securities laws prohibiting insider trading, engaged in other fraudulent practices, and failed to disclose legally required information.
Allergan filed the lawsuit in the US District Court for the Central District of California.
Allergan filed the suit to ensure that its stockholders have the opportunity to make decisions regarding their investment in the company based on compliant, full and fair disclosures, and to ensure that any stockholder voting on corporate matters acquired their shares in accordance with the law.
In its complaint, Allergan is seeking, among other remedies, a declaration from the court that Pershing Square and Valeant violated insider trading and disclosure laws, and an order rescinding Pershing Square's purchase of the Allergan shares it acquired illegally.
Allergan said it reserves the right to seek additional remedies against all appropriate parties.
In April, Valeant along with billionaire investor William Ackman's hedge fund Pershing Square made a hostile bid to acquire Allergan for $46 billion in cash and stock. Pershing Square is the largest shareholder in Allergan with a 9.7 percent stake.
Allergan's board rejected the offer, stating that it created huge risks for its stockholders and was not in the best interests of the company.
In late May, Valeant sweetened its bid for Allergan for the second time in a week, to about $53 billion. Allergan once again rejected the offer in early June.
Last month, Allergan brushed aside the definitive proxy solicitation filed by Pershing Square in connection with the request for a stockholders' special meet, where the hedge fund seeks to replace a majority of its board members and ease the path for Allergan's hostile acquisition by Valeant Pharmaceuticals.
Allergan stock is trading at $164.34, down $1.52 or 0.92%, on a volume of 783k shares on the NYSE.
Valeant is trading at $116.50, down $0.89 or 0.76%, on a volume of 2.62 million shares on the NYSE. In Toronto, the stock is trading at C$126.84, down C$0.99 or 0.77%.
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