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.  On November 9, 2015, the court denied defendants’ motions to dismiss the litigation.  The parties are currently engaging in discovery, and the matter has been scheduled for trial in September 2017.