|
The hearing, set for Jan. 16, comes after Pershing Square and
Valeant last week decided to pay $290 million to settle the
lawsuit that accused them of insider trading before bidding for
Allergan Plc <AGN.N> in 2014.
The lawsuit was filed on behalf of investors who sold Allergan
shares in the two months before Pershing Square Capital
Management and Valeant made an unsolicited $51 billion bid for
Allergan.
The court has "substantial questions regarding whether the
settlement amount is reasonable and fair," according to
documents filed in the U.S. District Court, Central District of
California.
"Today's order is a mandated step in the settlement process," a
Valeant spokeswoman said in an email to Reuters. "We believe the
settlement is fair, reasonable and adequate, and we look forward
to explaining our position to the Court."
Pershing Square could not be reached for comment outside regular
business hours.
(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by
Amrutha Gayathri)
[© 2018 Thomson Reuters. All rights
reserved.] Copyright 2018 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
