SAN DIEGO, Dec. 17, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of investors who SOLD shares of Allergan, Inc. (AGN) between February 25, 2014 and April 21, 2014, over alleged Violations of Federal Securities Laws Violations by Pershing Square Capital Management, L.P, William A. Ackman, and Valeant Pharmaceuticals International, Inc.
If you SOLD a substantial amount of shares of Allergan, Inc. (NYSE:AGN) between February 25, 2014 and April 21, 2014, you have certain options and there are short and strict deadlines running. Deadline: February 16, 2015. (NYSE:AGN) sellers should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that by purchasing Allergan, Inc. (AGN) stock with material, non-public information between February 25, 2014 and April 21, 2014, and by communicating material, non-public information, Defendants violated the Securities Exchange Act of 1934.
In early February 2014 Valeant began taking steps toward launching a tender offer directly to Allergan's stockholders.
The plaintiff claims that in violation of federal securities laws, Valeant tipped Pershing Square regarding Valeant's tender offer and Pershing Square, through its newly formed shell entity PS Fund 1 LLC, began on February 25, 2014 to acquire Allergan, Inc. (NYSE:AGN) stock based upon that inside information.
The plaintiff claims that by the time Pershing Square disclosed PS Fund 1's stake on April 21, 2014, it had already acquired 9.7% of Allergan's outstanding stock, for a total investment at the time of over $3.2 billion without providing Allergan's stockholders and the marketplace any disclosure about Valeant's intention to launch a tender offer for Allergan. Following the announcement the value of Pershing Square's investment in Allergan stock increased by a billion dollars.
The plaintiff says that the defendants profited from their alleged misconduct and are said to realize a profit of approximately $2.5 billion from their investment of less than a year in Allergan partially by taking advantage of insider information.
The plaintiff claims that had Allergan shareholders known the truth they would not have sold their Allergan stock between February 25, 2014 and April 21, 2014.
Those who SOLD Allergan, Inc. (NYSE:AGN) shares between February 25, 2014 and April 21, 2014 have certain options and should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 firstname.lastname@example.org 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.