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Sellers allege secret tender offer plot for Botox company

In a case raising novel, complex issues of U.S. tender offer law and regulation, we are co-lead counsel to a putative class of former shareholders of Allergan, Inc., (Allergan), maker of the popular drug Botox. Plaintiffs, including the Iowa Public Employees’ Retirement System, allege that Valeant Pharmaceuticals International (Valeant) and Pershing Square Capital Management (Pershing Square) improperly purchased Allergan securities while secretly planning to make a tender offer for Allergan. As a result, the selling stockholders were deprived of the increase in Allergan stock prices that occurred when Valeant and Pershing Square disclosed their intentions. The action is pending in California federal court.  Defendants’ motions to dismiss the litigation have been denied.  The Court is scheduled to hear plaintiffs’ motion to certify a class of Allergan investors in February 2017.  The parties are currently engaging in discovery, and the matter has been scheduled for trial in February 2018.