Allergan, Inc. Derivative Securities Litigation : Pershing Square Capital Management, L.P.

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Lawsuit Overview

Defendant:Allergan plc.
Date Filed:June 28th, 2017
Sector:Health Care
Industry:Major Pharmaceuticals
Class Start Date:February 25th, 2014
Class End Date:April 21st, 2014
Settlement Website: http://www.allerganderivativessettlement.com
Settlement Deadline:July 31st, 2018

This action stems from the illicit insider trading and front-running scheme that caused billions of dollars in damages. During the Class Period, Pershing Square Capital Management, L.P., PS Management GP, LLC, William Ackman, PS Fund 1, LLC ("PS Fund 1"), Pershing Square, L.P., Pershing Square II, L.P., Pershing Square GP, LLC , Pershing Square International and Pershing Square Holdings, Ltd. (collectively, "Pershing"),, through a funding vehicle named PS Fund 1 purchased over 14 million Allergan shares at prices as low as $117.91 per share for a total cost of approximately $2 billion. Pershing's purchases were based upon inside information concerning Valeant Pharmaceuticals International, Inc.'s ("Valeant") plans to launch a hostile takeover and tender offer for Allergan, and allowed Pershing to reap enormous profits at the expense of Plaintiff and other members of the Class.


The Complaint alleges that the Defendants: (1) prohibited Pershing from trading while in possession of nonpublic material information relating to a tender offer; (2) prohibited Valeant from communicating nonpublic material information relating to tender offer; (3) engaged in fraudulent, deceptive or manipulative practices and trading in Allergan securities while in possession of material, nonpublic information relating to a tender offer.

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