Bill Ackman, Valeant Have Things To Say Re: Insider Trading Suit By Allergan


The short response: go fuck yourself. The slightly longer one:

Valeant Pharmaceuticals International, Inc. and Pershing Square Capital Management, L.P. today responded to the filing of a federal lawsuit by Allergan, Inc. in California. The complaint makes baseless claims about Valeant and Pershing Square regarding the tender offer rules...Bill Ackman, CEO of Pershing Square, stated: “This is a shameless attempt by Allergan to delay the shareholders’ fundamental right to call a special meeting and vote their shares. Allergan is threatened by our progress toward calling the special meeting. This scorched-earth approach is further evidence of the board’s and management’s entrenchment.” Mr. Ackman continued, “Allergan’s determination to waste money on a baseless lawsuit against its largest shareholder demonstrates why this board of directors should be removed.”

Valeant says Allergan lawsuit merely a delay tactic [SW]