California Judge Sets Aug. 20 Hearing In Allergan Vs. Valeant Case
According to court documents, the federal judge in California overseeing Allergan’s insider trading lawsuit against Valeant Pharmaceuticals and activist investor William Ackman has set an Aug. 20 hearing date to decide on a fast-track schedule for the case. The Botox maker said in the complaint that Valeant and Ackman violated securities laws on tender offers when they teamed up on a $48 billion cash and stock offer. The case could have implications for efforts by Pershing Square, which owns nearly 10 percent of Allergan’s shares, and Valeant to call and hold a meeting of Allergan shareholders to vote in new board members.
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