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Allergan Has A Bone To Pick With Bill Ackman, Valeant

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An insider trading-shaped bone.

Allergan Inc, which is fighting a $51 billion hostile takeover bid from Valeant Pharmaceuticals International and activist investor William Ackman, on Friday filed a federal lawsuit alleging they violated insider trading laws and engaged in other fraudulent practices. The suit alleges that Ackman’s hedge fund, Pershing Square Capital Management between February and April bought Allergan stock and securities then valued at over $3.2 billion “while fully aware of Valeant`s nonpublic takeover intentions.”

Allergan sues Valeant, Ackman for alleged insider trading [Reuters]


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There's simply no other way to explain what's happening there.