Allergan Investors Lose Class Cert. Bid Over 'Serial Litigant'

By Mike LaSusa (September 29, 2020, 11:39 PM EDT) -- Allergan investors lost a bid to pursue a stock-drop suit as a class action against the pharmaceutical company, with a New York federal judge ruling Tuesday that the proposed lead plaintiff, which Allergan derided as a "serial litigant," isn't fit to represent the proposed class.

U.S. District Judge Colleen McMahon said the lead plaintiff, the Boston Retirement System, hadn't obeyed her instructions with respect to the structure of its legal team.

"There is absolutely no question that this action should proceed as a class action. It is a garden-variety securities fraud suit, a type of action particularly well suited to class...

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