Botox maker Allergan Inc on Friday accused rival Valeant Pharmaceuticals International and billionaire investor William Ackman of violating securities laws by using insider information as they prepared a takeover bid for the drug company. In a civil lawsuit filed in federal court in California, Allergan said Ackman’s Pershing Square Capital Management and Valeant “hatched” an “improper and illicit insider-trading scheme” that allowed the hedge fund to buy Allergan shares, knowing about Valeant’s planned $51 billion takeover bid. Ackman said in a statement “Allergan’s determination to waste money on a baseless lawsuit against its largest shareholder further demonstrates why this board of directors should be removed.”
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