On November 20, 2019, the Court approved distribution of the Settlement proceeds to eligible class members. To view the Court’s Order, click here. We anticipate that the initial distribution will occur in January 2020.
Overview
WELCOME TO THE ALLERGAN PROXY VIOLATION SECURITIES LITIGATION WEBSITE
The information contained on this web page is only a summary of the information presented in more detail in the Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Settlement Notice”). Because this website is just a summary, you should review the Settlement Notice for additional details.
This Action was brought on behalf of a class of investors who sold Allergan, Inc. common stock during the period from February 25, 2014 through April 21, 2014, inclusive (“Class Period”) against defendants Valeant Pharmaceuticals International, Inc., Valeant Pharmaceuticals International, and J. Michael Pearson (the “Valeant Defendants”) and Pershing Square Capital Management, L.P., PS Management GP, LLC, PS Fund 1, LLC, Pershing Square, L.P., Pershing Square II, L.P., Pershing Square GP, LLC, Pershing Square Holdings, Ltd., Pershing Square International, Ltd., and William Ackman (the “Pershing Defendants”). The Action alleges that the Valeant Defendants tipped the Pershing Defendants to its contemplated takeover attempt of Allergan, and that the Pershing Defendants bought Allergan stock during the Class Period based on that information, violating federal securities laws prohibiting insider trading.
The Court-appointed representatives for the Court-certified Class, State Teachers Retirement System of Ohio, Iowa Public Employees Retirement System, and Patrick T. Johnson, on behalf of themselves and the other members of the Class, have reached a settlement with Defendants for $250,000,000 in cash that resolves all claims in the Action (the “Settlement”).
On June 12, 2018, the Court held a hearing to consider final approval of the Settlement and related matters. On August 14, 2018, the Court entered a Judgment approving the Settlement as fair, reasonable and adequate, entered an order approving the Plan of Allocation for the proceeds of the Settlement, and entered an order awarding attorneys’ fees and reimbursement of litigation expenses.
If you are a member of the Class and did not previously request exclusion from the Class in connection with the Class Notice that was mailed in 2017, your rights will be affected and you may be eligible for a payment from the Settlement. The Class consists of:
All persons who sold Allergan common stock on any trading day during the period February 25, 2014 through April 21, 2014, inclusive, and were damaged thereby.
For the full definition of the Class, including persons and entities excluded from the Class, please read the Settlement Notice. Persons who traded securities other than Allergan common stock, including derivative securities with a value that is a function of or related to the value of Allergan common stock (“Allergan Derivative Securities”), are not members of the Class as a consequence of those trades. A separate settlement has been reached on behalf of traders in Allergan Derivative Securities. For information about that settlement please visit: www.AllerganDerivativesSettlement.com.
Please read the Settlement Notice to fully understand your rights and options.
If you are a member of the Class, in order to be potentially eligible to receive a payment under the Settlement, you must submit a Claim Form. The deadline for submission of Claim Forms was August 7, 2018.
Payments to eligible claimants will be made only after the completion of all claims processing. Please be patient, as this process will take some time to complete.