In Allergan Insider Trade Ruling, Questions Upstage Answers

Law360, New York (November 5, 2014, 2:46 PM EST) -- Uncertainty tinged a much-anticipated California federal court ruling that on Tuesday added contours to the debate over whether Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman flouted securities laws in their joint takeover bid for Allergan Inc., keeping each of the parties on shaky ground.

U.S. District Judge David Carter noted "serious questions" that the unorthodox partnership between Valeant and Ackman — whose Pershing Square Capital Management LP holds a 9.7 percent Allergan stake — violated securities rules. It's the firmest stance from the court since the target company filed its suit in June, setting in motion landmark securities litigation....

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