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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