COTCHETT, PITRE & McCARTHY, LLP Files Class Action Lawsuit on Behalf of Persons Who Sold Allergan Stock Between February 25, ...
December 17 2014 - 1:47PM
Business Wire
COTCHETT, PITRE & McCARTHY, LLP (www.cpmlegal.com) today
announced that a class action has been commenced in the United
States District Court for the Central District of California on
behalf of persons who sold Allergan, Inc. (NYSE: AGN) common
stock between February 25, 2014 and April 21, 2014 (the “Class
Period”).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from December 17, 2014. If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests, please contact plaintiff’s counsel, Mark
Molumphy of Cotchett, Pitre & McCarthy at (650) 697-6000. If
you are a member of this class, you can view a copy of the
complaint online at
http://www.cpmlegal.com/cases-valeant-lawsuit.html. Any member of
the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
The complaint charges defendants Valeant Pharmaceuticals
International, Inc., Valeant Pharmaceuticals International, AGMS
Inc., Pershing Square Asset Management L.P., William A. Ackman, PS
Management GP, LLC, and PS Fund 1, LLC (“Defendants”) with
violations of Sections 14(e) and 20A of the Securities Exchange Act
of 1934, as amended.
Plaintiff alleges that Valeant unlawfully tipped Pershing Square
about its plan to make a tender offer for Allergan, with Pershing
Square then trading on such material, non-public information by
buying an approximately 9.7% stake in Allergan during the Class
Period without first disclosing Valeant's plan to pursue a tender
offer to acquire Allergan at a significant premium.
When Valeant first disclosed its desire to pursue an acquisition
of Allergan to the stock market on April 22, 2014, Allergan's stock
price soared, rising from a closing price the previous day of
$141.88 to close at $163.51 on April 22, 2014 on huge volume of
over 32 million shares – ten times Allergan's average daily trading
volume during the Class Period.
Plaintiff seeks to recover damages on behalf of all persons who
sold Allergan stock between February 25, 2014 and April 21, 2014,
inclusive. Plaintiff alleges that class members were damaged by
selling their Allergan stock during the Class Period at prices that
did not reflect Valeant's anticipated tender offer to acquire
Allergan at a significant premium. The plaintiff is represented by
Cotchett, Pitre & McCarthy, which specializes in representing
investors and has extensive experience in prosecuting securities
class actions.
Please visit www.cpmlegal.com for more information.
COTCHETT, PITRE & McCARTHY, LLPMark Molumphy,
650-697-6000840 Malcolm RoadBurlingame, CA
94010www.cpmlegal.com
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