Allergan Sues Valeant, Claims Fraud In Buy Attempt
Allergan’s lawsuit, filed Friday in U.S. District Court names as plaintiffs drugmaker Valeant Pharmaceuticals, New York investment and hedge fund firm Pershing Square and its principal, William Ackman. The lawsuit claims debt-laden Valeant, which has bought up more than 100 smaller drug companies since 2008, lined up Pershing Square to finance the deal because it couldn’t on its own. The suit claims Ackman quietly bought $3.2 billion worth of shares from unknowing Allergan stockholders between February and April.
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