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Stock Market & Financial Investment News

News Breaks
May 19, 2014
08:56 EDTAGN, VRXPershing says Allergan did not fulfill duty, should retain independent counsel
Pershing Square disclosed in a regulatory filing the letter it sent to Allergan's (AGN) Board of Directors, in which the fund manager says it is "extremely concerned about governance failures at the company." In the letter, Pershing's Bill Ackman says "It is self-evident that as a result of the Valeant (VRX) merger proposal, Chairman and CEO David Pyott has a disabling conflict of interest that arises from the fact that he will lose his leadership role at the company and likely his job as a result of the transaction. As such, he cannot independently represent the company in considering the Valeant merger. For this reason, I attempted to contact you as the boardís lead director." Ackman also said in the letter that Allergan's board did not fulfill its fiduciary duties by failing to properly consider the Valeant proposal and the head of Pershing called on Allergan's independent directors of the board to analyze the revised Valeant proposal with the assistance of independent counsel and advisors, hired by the independent directors rather than by management.
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July 21, 2014
08:02 EDTAGNAllergan to reduce workforce by approx. 1,500 employees
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08:01 EDTAGNAllergan reports Q2 adjusted EPS $1.51, consensus $1.44
Reports Q2 revenue $1.86B, consensus $1.77B.
07:15 EDTVRX, AGNValeant Allergan contacts Quebec, U.S. regulators regarding Allergan statements
Valeant (VRX) has contacted both the Autorite des marches financiers in Quebec and the SEC regarding Allergan (AGN) apparent attempt to "mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business despite Valeant's public statements correcting such information." The latest statements were made last Friday when Allergan asserted in an SEC filing that Bausch + Lomb's pharmaceutical sales were stagnant or declining. Valeant's decision to contact the authorities also reflects concerns raised by several Canadian Valeant shareholders about comments made about Valeant by Allergan's management during recent meetings with these investors in Canada.
07:09 EDTAGN, VRXValeant, Ackman go to SEC over Allergan claims, CNBC reports
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06:34 EDTAGN, VRXCapital Research sells nearly all its Allergan stake, WSJ reports
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July 18, 2014
12:51 EDTAGN, VRXKey GOP senator signals readiness for inversion deal, The Hill says
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11:27 EDTAGN, VRXSamlyn undecided on support for Valeant bid for Allergan, Dow says
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July 17, 2014
16:45 EDTVRX, AGNPershing Square looks to obtain consents for special meeting
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10:20 EDTAGNPershing sees coming 13-Fs to show long-term Allergan holders have been selling
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09:00 EDTAGNAckman says large takeover by Allergan could be 'enormously value destructive'
08:44 EDTAGNPershing says special meeting warranted given 'poor governance' at Allergan
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08:08 EDTVRXValeant receives FDA clearance for Victus Femtosecond Laser Platform
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07:00 EDTVRX, AGNPaulson says Allergan could be wroth $220 per share, WSJ reports
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July 16, 2014
17:46 EDTVRX, AGNAckman says he thinks Allergan-Valeant deal eventually gets done
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17:42 EDTAGN, VRXPershing Square's Ackman says Allergan's attack on Valeant unprecedented
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10:36 EDTVRX, AGNTreasury calls on Congress to halt inversion deals
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10:31 EDTAGNPershing Square Capital Management holds analyst/industry conference call
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09:16 EDTVRX, AGNPershing Square sends letter to Allergan's board of directors
Pershing Square Capital Management announced it has sent a letter to Allergan's Board of Directors. Pershing Square last Friday filed definitive solicitation materials with the U.S. SEC to seek shareholder support for a special meeting of Allergan shareholders and is now actively soliciting shareholder support to call the meeting. At this special meeting, Allergan shareholders will be able to voice their opinions on a number of critical matters, including the proposed removal of six incumbent members of the Allergan board, the proposed appointment of an independent slate of directors and certain other proposed provisions to improve Allerganís corporate governance.
08:16 EDTVRX, AGNLew's letter could bring 'chilly' tax inversion environment, says BMO Capital
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07:59 EDTAGN, VRXTreasury Secretary urges Congress to take action on tax inversions
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