SEC hands Allergan a $15M speeding ticket for blowing off disclosure rules in a tough 2014 fight against Valeant
Back in 2014, then Allergan $AGN CEO David Pyott made no secret of the fact that he viewed Valeant’s takeover bid as something worse than the plague. He vehemently fought against the company. And today, his successors agreed to pay what amounted to a fine for speeding past SEC rules as it pursued a private course in wrestling out of Valeant’s grip.
In a statement, the SEC says that Allergan is paying $15 million for not disclosing in 2014 that it was engaged in negotiations on a merger that would have made it harder for Valeant to complete the deal. And after that deal fell through it also failed to open up about a pending deal with Actavis and its CEO Brent Saunders, which completed a buyout that left Valeant on the sidelines.
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