How Ackman Hopes to Beat Insider-Trading Lawsuit: QuickTake Q&A [Bloomberg Business News]
VALEANT PHARMACEUTICALS (VRX)
Last valeant pharmaceuticals earnings: 2/28 07:00 am
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Source: Bloomberg Business News
Bill Ackman Photographer: Patrick T. Fallon/Bloomberg Billionaire investor Bill Ackman’s audacious partnership with Valeant Pharmaceuticals International Inc. to make a hostile bid for drug company Allergan Inc. in 2014 brought him a windfall of more than $2 billion even though it failed. It also led to a lawsuit by Allergan shareholders accusing Ackman of illegal insider trading. In a last-ditch bid to avoid a trial, Ackman plans to argue to a federal judge on Dec. 8 that no rules were broken and the suit should be tossed. The outcome may help clarify some of the hazier parts of insider-trading rules. 1. What do the rules say? The takeover bid, which started out as a merger proposal, later turned into what’s called a tender offer, in which the buyer goes directly to the target’s shareholders rather than negotiating with the company’s board. The U.S. Securities and Exchange Commission prohibits trading on the basis of material, nonpublic informa
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