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

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

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