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Court orders Valeant to disclose details of Allergan merger bid
The United States District Court for the Central District of California has issued a ruling in Allergan’s lawsuit against Valeant Pharmaceuticals and Pershing Square Capital Management for alleged insider trading and federal securities violations.According to an Allergan press release, the court “found that Allergan raised serious questions as to whether Valeant and Pershing Square violated SEC Rule 14e-3, which prohibits trading on the basis of material nonpublic information when an offering person has taken a substantial step or steps to commence a tender offer of a target company.”