SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who sold the common stock of Allergan Inc. (“Allergan” or the “Company”) (NYSE:AGN) between February 25, 2014 and April 21, 2014, inclusive (the “Class Period”).
If you sold Allergan common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 17, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Allergan investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Allergan Securities Class Litigation
Allergan is a multi-specialty health care company headquartered in Irvine, California. The action charges Valeant Pharmaceuticals International, Inc. (“Valeant”), Pershing Square Capital Management, L.P. (“Pershing Square”), the founder and Chief Executive Officer of Pershing Square, William A. Ackman, and related entities, with violations of the Securities Exchange Act of 1934.
The complaint alleges that Valeant unlawfully tipped Pershing Square about its plan to make a tender offer for Allergan. Pershing Square then allegedly traded on this material, non-public information by purchasing an approximately 9.7% stake in Allergan during the Class Period, without first disclosing Valeant’s plan to pursue a tender offer to acquire Allergan at a significant premium.
On April 22, 2014, after Valeant publicly disclosed for the first time its desire to pursue an acquisition of Allergan, Allergan’s stock price rose 15.25%, from a closing price of $142 per share on April 21, 2014, to close at $163.65 per share on April 22, 2014, on extremely elevated trading volume.
According to the complaint, class members were damaged by selling their Allergan stock during the Class Period at prices that did not reflect Valeant’s anticipated tender offer to acquire Allergan at a significant premium.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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