A federal judge in California on Thursday denied a request by Allergan Inc to expedite its civil suit claiming that Valeant Pharmaceuticals International Inc and Pershing Square Capital Management engaged in insider trading ahead of their bid to purchase Allergan. Judge David Carter said the U.S. District Court for the Central District of California "would be reluctant to create a precedent that allows corporations to demand at will the immediate attention and input of the federal courts in order to resolve intra-corporate disputes that might be better left to the dynamic free market or to the state court."Valeant and Pershing Square made an offer for Botox maker Allergan in April, which the company has rejected. Valeant and Pershing Square have since proceeded to a hostile tender offer and are seeking to call a special shareholders meeting.Allergan has fought the takeover attempt and on Aug. 1 filed a civil insider trading lawsuit against the companies, saying that the unusual partnership between them violated securities regulations.William Ackman, the activist investor who runs Pershing Square, began acquiring a stake in Allergan in February in partnership with Valeant after the two had begun discussing making a bid for the company. He disclosed the nearly 10 percent stake the day before they made the offer.
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 traded higher by 0.77% or $1.25/share to $164.38. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 2827220 shares of AGN exchange hands on a given day and today's volume is recorded at 1731121.
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 traded higher by 0.63% or $0.71/share to $113.81. In the past year, the shares have traded as low as $95.28 and as high as $153.10. On average, 3264610 shares of VRX exchange hands on a given day and today's volume is recorded at 1356281.
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 traded higher by 0.35% or $0.44/share to $124.54. In the past year, the shares have traded as low as $99.90 and as high as $170.45. On average, 357662 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 137688.
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