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MarketScreener Homepage  >  Equities  >  Nyse  >  Allergan plc    AGN   IE00BY9D5467

ALLERGAN PLC (AGN)
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Pershing Square, Valeant to appear in court on insider trading suit settlement

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01/03/2018 | 07:16am CEST
Ackman, CEO of Pershing Square Capital, speaks at the WSJ Digital Conference in Laguna Beach

(Reuters) - A U.S. court on Tuesday asked Valeant Pharmaceuticals International Inc (>> Valeant Pharmaceuticals Intl Inc) and activist investor Bill Ackman's Pershing Square (>> Pershing Square Holdings) to appear for a hearing to discuss the proposed settlement in an insider trading lawsuit.

(Reuters) - A U.S. court on Tuesday asked Valeant Pharmaceuticals International Inc (>> Valeant Pharmaceuticals Intl Inc) and activist investor Bill Ackman's Pershing Square (>> Pershing Square Holdings) to appear for a hearing to discuss the proposed settlement in an insider trading lawsuit.

The hearing, set for Jan. 16, comes after Pershing Square and Valeant last week decided to pay $290 million to settle the lawsuit that accused them of insider trading before bidding for Allergan Plc (>> Allergan plc) in 2014.

The lawsuit was filed on behalf of investors who sold Allergan shares in the two months before Pershing Square Capital Management and Valeant made an unsolicited $51 billion bid for Allergan.

The court has "substantial questions regarding whether the settlement amount is reasonable and fair," according to documents filed in the U.S. District Court, Central District of California.

"Today's order is a mandated step in the settlement process," a Valeant spokeswoman said in an email to Reuters. "We believe the settlement is fair, reasonable and adequate, and we look forward to explaining our position to the Court."

Pershing Square could not be reached for comment outside regular business hours.

(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Amrutha Gayathri)

Stocks mentioned in the article
ChangeLast1st jan.
ALLERGAN PLC -0.18% 182.95 Delayed Quote.12.04%
PERSHING SQUARE HOLDINGS 0.69% 14.66 Delayed Quote.6.51%
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Financials ($)
Sales 2018 15 570 M
EBIT 2018 7 440 M
Net income 2018 -1 186 M
Debt 2018 23 142 M
Yield 2018 1,49%
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 5,48x
EV / Sales 2019 5,29x
Capitalization 62 213 M
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Number of Analysts 22
Average target price 214 $
Spread / Average Target 17%
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Brenton L. Saunders Chairman, President & Chief Executive Officer
Wayne R. Swanton Executive Vice President-Global Operations
Matthew M. Walsh Chief Financial Officer & Executive Vice President
C. David Nicholson Chief Research & Development Officer
Charles Hugh-Jones Chief Medical Officer
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