03
Aug
2014

VIDEO: Allergan Sues Valeant, Ackman For Alleged Insider Trading

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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