Allergan sues its pursuers

|About: Allergan plc (AGN)|By:, SA News Editor

Allergan (AGN -1.2%) files a lawsuit in the U.S. District Court for the Central District of California against Valeant Pharmaceuticals (VRX -0.6%), Pershing Square Capital Management and Bill Ackman alleging insider trading, the failure to disclose legally required information and other fraudulent practices.

Among the remedies sought by Allergan are a declaration from the court that Valeant and Pershing Square violated insider trading and disclosure laws and an order rescinding Pershing Square's purchase of AGN shares.

The compliant also alleges that both parties released demonstrably false and misleading proxy solicitation materials that misstated their relationship and intentions regarding a transaction and misstated the certainty of the proposed transaction as well as the financial consideration being offered to AGN shareholders.