Our law firm is filing potential claims on behalf of shareholders of Allergan Inc (NYSE: AGN) over possible violations of US securities laws.
Did you SELL Allergan Inc (NYSE: AGN) stock between February 25, 2014 and April 21, 2014? If so, you may be entitled to compensation,
Call 1-800-934-2921 or complete the form on this page for a free consultation.
Hedge fund Pershing Square PHS.AS, along with a drug company called Valeant Pharmaceuticals, have agreed to pay out $290 million in order to settle a lawsuit. The pair were acussed of insider trading in their attempted takeover bid of another company called Allergan PLC.
While insisting that the lawsuit had no merit whatsoever, Pershing Square chose not only to settle the suit but also to pay 66.8% of the settlement costs, which comes to $193.75 million.
Bill Ackman, who is the CEO of Pershing Square and a well known activist investor, says that the company decided to settle the lawsuit because they thought that their investors were better served by settling now, as opposed to wasting both time and resources in fighting the case.
According to Pershing Square, Valeant Pharmaceuticals will pay roughly 33% of the settlement costs, which come to $96.25 million. Previously, Valeant had agreed to pay 60% of the cost of settling.
Joseph Papa, who is the CEO of Valeant, said that the settlement agreement was in the best interest of his company, because the agreement allows the company to better utilize its available resources and effort on developing their business.
In April of 2016, Papa became the chief executive of the Canadian-based company, and he has been attempting to transform it ever since. He also been trying to lift investor confidence in the company in the wake of a number of allegations relating to both the company’s pricing and accounting policies, which have hurt its market value.
The plaintiffs in the lawsuit were a group of investors who had sold their stock in Allergan PLC a couple of months prior to Valeant and Pershing Square’s unsolicited takeover bid of the company in the amount of $51 billion. Another company, Actavis PLC, subsequently purchased the company. They also took its name.
Neither Valeant Pharmaceuticals nor Pershing Square immediately responded to requests for further comments regarding the case.
Settlement of Allergan Inc (NYSE: AGN) Shareholder Lawsuit
Allergan Inc (NYSE: AGN) investors may be able to collect significant financial compensation for their losses. The recent settlement with the company has set aside hundreds of millions of dollars for compensating shareholders.
Sell shares of Allergan Inc (NYSE: AGN) ? Allergan Inc (NYSE: AGN) Shareholder Lawsuit Settlement. Contact us to protect your rights.
If you SOLD Allergan Inc (NYSE: AGN) stock between February 25, 2014 and April 21, 2014, complete the form on this page or call 1-800-934-2921 right now to protect your rights.