- According to the WSJ's Ronald Barusch, Allergan's (AGN -1%) lawsuit against Valeant Pharmaceuticals (VRX -1.1%) and Pershing Square alleging insider trading is merely a delaying tactic. One of the company's bylaws requires that anyone seeking to convene a special meeting of shareholders must comply with all aspects of the law regarding tender offers. In its suit, Allergan alleges Pershing Square's purchases of AGN shares violated an SEC rule that forbids one company from buying shares from another based on non-public information if the latter firm has taken substantial steps towards a tender offer. In this scenario, Allergan's corporate secretary will be required to declare the special meeting request ineffective.
- Pershing Square and Valeant both regard Allergan's allegations as baseless. Nevertheless, they will be forced to countersue which will precipitate a delay in Valeant's hostile bid.
Are you Bullish or Bearish on ?
Results for ()
Thanks for sharing your thoughts.
From other sites
at Nasdaq.com (Feb 24, 2015)
at CNBC.com (Feb 18, 2015)
at CNBC.com (Feb 10, 2015)
at CNBC.com (Jan 26, 2015)
at Nasdaq.com (Jan 21, 2015)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs