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Allergan files lawsuit against Valeant, Pershing Square for federal securities violations
Allergan has filed a lawsuit in the U.S. District Court against Valeant Pharmaceuticals, Pershing Square Capital Management, and its principal, William A. Ackman, citing violations to federal securities laws prohibiting insider trading, engagement in fraudulent practices and failure to disclose legally required information.The complaint alleges that between February and April 2014, Pershing Square purchased Allergan stock and securities valued at more than $3.2 billion from unknowing Allergan stockholders, with full understanding of Valeant’s non-public takeover intensions.