Ackman likely to face trial on Allergan insider-trading claims [Business News Network (BNN) Energy & Resources (Canada)]
ALLERGAN INC (AGN)
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Source: Business News Network
Ackman likely to face trial on Allergan insider-trading claims Activist investor Bill Ackman and his estranged former collaborator in a 2014 hostile takeover bid for botox-maker Allergan Inc. will likely face a jury trial next month over civil claims they engaged in illegal insider trading. U.S. District Judge David Carter issued a tentative ruling at a hearing Friday in Santa Ana, California, denying a request by Ackman and Valeant Pharmaceuticals International Inc. to throw out the allegations by Allergan shareholders who said they were tricked when Ackman bought their shares in the secret knowledge Valeant was planning a hostile bid. The case turns on whether Valeant and Ackman’s Pershing Square Capital Management were planning as early as 2014 to take their offer directly to Allergan’s shareholders rather than to pursue a negotiated merger with Allergan’s management. It also depends on whether Pershing Square was really trying to buy Allergan instead of just helping to facilitate
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