{"id":43373,"date":"2014-08-04T08:04:37","date_gmt":"2014-08-04T12:04:37","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=43373"},"modified":"2014-08-04T08:09:23","modified_gmt":"2014-08-04T12:09:23","slug":"botox-company-sues-hedge-fund-founder-ackman-for-insider-trading","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2014\/botox-company-sues-hedge-fund-founder-ackman-for-insider-trading.html","title":{"rendered":"Botox Company Sues Hedge Fund Founder Ackman For Insider Trading"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/08\/images-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-43376 size-full\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/08\/images-1.jpg\" alt=\"\" width=\"275\" height=\"183\" \/><\/a>New York (HedgeCo.Net) &#8211; Bill Ackman, hedge fund founder and activist investor, has responded to the lawsuit filed on the 1st of August by Botox-producer Allgeran: &#8220;This is a shameless attempt by Allergan to delay the shareholders&#8217; 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&#8217;s and management&#8217;s further entrenchment.&#8221;<\/p>\n<p>Allergan on Friday filed suit against Valeant Pharmaceuticals International Inc., Bill Ackman and the Ackman-owned hedge fund, Pershing Square, alleging they used inside information to try and make a profit at the expense of Allergan shareholders.<\/p>\n<p>Allergan charges that Pershing Square bought $3.2 billion in Allergan shares between February and April of this year while fully aware of Valeant\u2019s takeover intentions. Ackman\u2019s actions deprived shareholders who sold stock to him of $1.2 billion in value gains, the lawsuit says.<\/p>\n<p>MarketWatch reports: &#8220;The lawsuit appears to be an attempt to thwart a coming shareholder vote on the merger by forcing Ackman to sell his stake in Allergan. Ackman\u2019s shares, plus his influence among investors, is considered critical in bringing the matter to a vote.&#8221;<\/p>\n<p>Ackman, CEO of Pershing Square, continued, &#8220;Allergan&#8217;s determination to waste money on a baseless lawsuit against its largest shareholder further demonstrates why this board of directors should be removed.&#8221;<\/p>\n<p>Alex Akesson<br style=\"color: #000000;\" \/><span style=\"color: #333333;\">Editor for\u00a0<a style=\"color: #743399;\" title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\"><span style=\"color: #333333;\">HedgeCo.net<\/span><\/a><\/span><br style=\"color: #000000;\" \/><span style=\"color: #333333;\"><a style=\"color: #743399;\" href=\"mailto:alex@hedgeco.net\"><span style=\"color: #333333;\">alex@hedgeco.net<\/span><\/a><\/span><br style=\"color: #000000;\" \/><span style=\"color: #333333;\"><a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\"><span style=\"color: #333333;\">HedgeCo.Net<\/span><\/a>\u00a0is a premier\u00a0<a style=\"color: #743399;\" title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\"><span style=\"color: #333333;\">hedge fund database<\/span><\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\"><span style=\"color: #333333;\">HedgeCo.net<\/span><\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\"><span style=\"color: #333333;\">Hedge Funds<\/span><\/a>!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Bill Ackman, hedge fund founder and activist investor, has responded to the lawsuit filed on the 1st of August by Botox-producer Allgeran: &#8220;This is a shameless attempt by Allergan to delay the shareholders&#8217; fundamental right to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16044,3],"tags":[],"class_list":["post-43373","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=43373"}],"version-history":[{"count":3,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43373\/revisions"}],"predecessor-version":[{"id":43377,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43373\/revisions\/43377"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=43373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=43373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=43373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}