Allergan Inc, which is fighting a $51 billion hostile takeover bid from Valeant Pharmaceuticals International and activist investor William Ackman, on Friday filed a federal lawsuit alleging they violated insider trading laws.The lawsuit alleges that Ackman's hedge fund, Pershing Square Capital Management, purchased Allergan shares with the knowledge that Valeant planned to launch a tender offer in the months before it made those intentions public.The value of Pershing Square's Allergan shares jumped $1.2 billion when Valeant announced its initial offer on April 22, 2014, improperly enriching Pershing Square at the expense of shareholders, according to the lawsuit, filed in U.S. District Court for the Central District of California.Allergan asked the court, based in Santa Ana, to rescind Pershing Square's purchase of the Allergan shares it alleges were illegally acquired.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN fell by 0.95% or $-1.58/share to $164.28. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 2991810 shares of AGN exchange hands on a given day and today's volume is recorded at 1410431.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.7% or $-0.82/share to $116.57. In the past year, the shares have traded as low as $94.55 and as high as $153.10. On average, 3189320 shares of VRX exchange hands on a given day and today's volume is recorded at 3219465.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.49% or $-0.62/share to $127.21. In the past year, the shares have traded as low as $98.26 and as high as $170.45. On average, 332220 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 263427.
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