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The hedge fund founded by activist investor William Ackman has denied wrongdoing amid reports that federal regulators are examining whether the fund and Valeant Pharmaceuticals VRX violated securities laws while pursuing a hostile takeover of Botox maker Allergan AGN . Pershing Square Capital Management said there was nothing improper in its accumulation of a 10% stake in California-based Allergan and support of Valeant’s takeover bid. The New York City-based hedge fund said in a statement issued Thursday, “There is nothing illegal, unethical or improper in taking a toehold position before a merger is proposed, even if it is not wanted by the target’s management.”

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