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Wednesday, November 5, 2014

Elliott Associates says considers lawsuit against AbbVie - letter, (NYSE: ABBV)

Elliott Associates, which suffered losses when a planned deal between pharmaceutical companies Shire PLC and AbbVie was scuttled last month, may take legal action against AbbVie Inc., the hedge fund told investors in its quarterly letter. The $25.4 billion New York-based firm founded by Paul Singer said it was disappointed when AbbVie's board withdrew support for the deal with Shire PLC in October, after executives had signaled interest in late September.

AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV traded higher by 0.32% or $0.201/share to $62.86. In the past year, the shares have traded as low as $45.50 and as high as $63.99. On average, 14102300 shares of ABBV exchange hands on a given day and today's volume is recorded at 3081785.