Newspaper article The Canadian Press

Valeant Pharmaceuticals to Face Insider Trading Lawsuit over Bid to Buy Allergan

Newspaper article The Canadian Press

Valeant Pharmaceuticals to Face Insider Trading Lawsuit over Bid to Buy Allergan

Article excerpt

Valeant to face insider trading suit

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MONTREAL - A U.S. judge has refused to dismiss an insider trading lawsuit filed by two pension funds against Quebec-based Valeant Pharmaceuticals and hedge fund manager Bill Ackman over their activities before last year's failed attempt to acquire Botox-maker Allergan.

District Judge David Carter of California ruled this week that the case filed on behalf of investors who sold their shares prior to the US$51 billion hostile takeover bid should proceed.

The plaintiffs, including Iowa Public Employees' Retirement System and the State Teachers Retirement System of Ohio, allege that Valeant (TSX:VRX), Ackman and his Pershing Square Capital Management had non-public information and acted to "deceive, manipulate and defraud" by purchasing Allergan shares knowing they would proceed with a takeover. …

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