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U.S. court blocks Allergan's request to accelerate lawsuit

  • Allergan's (NYSE:AGN) request to advance its lawsuit against Valeant Pharmaceuticals (NYSE:VRX) and Pershing Square has been denied by a California federal judge.
  • Allergan claims the two engaged in insider trading ahead of their takeover bid, saying their unusual partnership violated securities regulations.
  • Pershing Square's Bill Ackman began acquiring a stake in Allergan in February in partnership with Valeant after the two had begun discussing offering a bid for the company. Ackman only disclosed his ~10% stake the day before they made the offer.
  • Previously:The rhubarb continues as Allergan pursuers file countersuit 
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