CPM Files Class Action Lawsuit Against Valeant Pharmaceuticals International, Inc.

Cotchett, Pitre & McCarthy announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of persons who sold Allergan, Inc. (NYSE:  AGN) common stock between February 25, 2014 and April 21, 2014 (the “Class Period”).

Plaintiff alleges that Valeant unlawfully tipped Pershing Square about its plan to make a tender offer for Allergan, with Pershing Square then trading on such material, non-public information by buying an approximately 9.7% stake in Allergan during the Class Period without first disclosing Valeant's plan to pursue a tender offer to acquire Allergan at a significant premium.

When Valeant first disclosed its desire to pursue an acquisition of Allergan to the stock market on April 22, 2014, Allergan's stock price soared, rising from a closing price the previous day of $141.88 to close at $163.51 on April 22, 2014 on huge volume of over 32 million shares – ten times Allergan's average daily trading volume during the Class Period.

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