NEW YORK, Nov. 24, 2014 /PRNewswire/ -- The securities class action firm Gardy & Notis, LLP, has commenced an investigation into potential claims for violation of the federal securities laws against Pershing Square Capital Management, L.P. ("Pershing"), William A. Ackman ("Ackman"), and Valeant Pharmaceuticals International, Inc. ("Valeant") in connection with their failed hostile takeover of Allergan.
On April 21, 2014, Pershing disclosed that it had purchased over 9.7% of Allergan's outstanding common stock as part of a partnership with Valeant. At that time, Pershing also announced that it and Valeant had made an unsolicited $45.6 billion takeover bid for Allergan. These announcements caused Allergan's shares to jump in price, bringing Pershing an immediate and substantial profit.
Ultimately, Pershing and Valeant lost the takeover battle, yet Pershing and Ackman profited to the tune of $2.2 billion as a result of their purchase of Allergan shares before the price jumped in response to the announcement of Valeant's interest in a takeover.
Based on available information, it appears that Pershing purchased most or all of its shares between April 1, 2014 and April 21, 2014. If you were a shareholder of Allergan and sold stock during that time, you may contact Gardy & Notis to discuss your rights.
To learn more about your potential claims, please contact Orin Kurtz by email, okurtz@gardylaw.com, or telephone, 212-905-0509.
CONTACT:
Orin Kurtz
Gardy & Notis, LLP
126 East 56th Street, 8th Floor
New York, NY 10022
(212) 905-0509
okurtz@gardylaw.com
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SOURCE Gardy & Notis, LLP