WASHINGTON: Botox maker Allergan Inc accused rival Valeant Pharmaceuticals International and billionaire investor William Ackman of violating securities laws by using insider information as they prepared a takeover bid for the drug company. In a civil lawsuit filed in federal court in California, Allergan said Ackman’s Pershing Square Capital Management and Valeant “hatched” an “improper and illicit insider-trading scheme” that allowed the hedge fund to buy Allergan shares, knowing about Valeant’s planned $51 billion takeover bid. Valeant and Pershing Square said the complaint was intended to prevent them from calling a special meeting of Allergan shareholders to vote on their board nominees. “This is a shameless attempt by Allergan to delay the shareholders’ fundamental right to call a special meeting,” Ackman said in a statement.
Published in The Express Tribune, August 3rd, 2014.
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