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Ackman: have documents showing Allergan misled

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Anonymous

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http://www.reuters.com/article/2014/10/16/us-allergan-valeant-pharms-ackman-idUSKCN0I524M20141016

(Reuters) - Hedge fund manager Bill Ackman said on Thursday his lawyers have seen documents that he said show Allergan's board knowingly misled investors as part of a defensive strategy to stave off prospective buyer Valeant Pharmaceuticals International Inc.

Ackman said he had not yet reviewed the documents himself, and did not give any copies of them to reporters, whom he was speaking to on the sidelines of a conference. Reuters could not independently verify his claim.

Allergan representatives were not immediately available for comment.

Ackman told reporters in Toronto: "We believe they put those statements out, that they knew that they were false at the time they made them, and we have found evidence to that effect, that this was a conscious takeover defense strategy to malign Valeant and the company."

In September, Valeant Chief Executive Officer Michael Pearson wrote to Allergan alleging that it was making “baseless attacks" about his company. Allergan Chief Executive David Pyott and lead independent director Michael Gallagher said at the time that the company relied on its knowledge of Valeant and of the industry to express concerns about Valeant's business model.

(Reporting by Alastair Sharp and Allison Martell; Editing by Jeffrey Hodgson and Chizu Nomiyama)
 




Anonymous said:
http://www.reuters.com/article/2014/10/16/us-allergan-valeant-pharms-ackman-idUSKCN0I524M20141016

(Reuters) - Hedge fund manager Bill Ackman said on Thursday his lawyers have seen documents that he said show Allergan's board knowingly misled investors as part of a defensive strategy to stave off prospective buyer Valeant Pharmaceuticals International Inc.

Ackman said he had not yet reviewed the documents himself, and did not give any copies of them to reporters, whom he was speaking to on the sidelines of a conference. Reuters could not independently verify his claim.

Allergan representatives were not immediately available for comment.

Ackman told reporters in Toronto: "We believe they put those statements out, that they knew that they were false at the time they made them, and we have found evidence to that effect, that this was a conscious takeover defense strategy to malign Valeant and the company."

In September, Valeant Chief Executive Officer Michael Pearson wrote to Allergan alleging that it was making “baseless attacks" about his company. Allergan Chief Executive David Pyott and lead independent director Michael Gallagher said at the time that the company relied on its knowledge of Valeant and of the industry to express concerns about Valeant's business model.

(Reporting by Alastair Sharp and Allison Martell; Editing by Jeffrey Hodgson and Chizu Nomiyama)
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Sounds an awful lot like the "smoking gun" he claimed to have that would bring "Herbalife" to bankruptcy. Maybe he will release this information in a bid showy presentation, and the AGN stock will skyrocket like Herbalife did. Here's to hoping ...
 




He's such an egomaniac. He was bummed his name wasn't in the news this week. He can't help but always turn the spotlight on himself.
Allergan needs to make an all cash purchase and make Ackman and Valeant go away once and for all.
 
























http://nypost.com/2014/10/21/allergan-ceo-led-smear-campaign-against-valeant-ackman/

Allergan CEO David Pyott personally led a campaign of “misconduct” to fend off a $55 billion hostile bid from Valeant Pharmaceuticals, activist Bill Ackman and Valeant claim in new court papers.

Pyott also overrode a member of his management team who raised concerns about spreading false and misleading information to drive down Valeant’s share price, according to the papers.

As part of its bid to discredit Valeant, Allergan questioned Valeant’s accounting, but backed down when asked to produce the expert it was using for its critique, the documents show.

“After baselessly trashing Valeant’s accounting for months… Allergan chose not to expose its alleged accounting expert to cross-examination in this litigation,” Ackman’s lawyers said.

Last week, Ackman said he had evidence Allergan lied in its effort to smear Valeant, and the papers filed late Monday in California federal court elaborate on his claim.
 








Anonymous said:
http://nypost.com/2014/10/21/allergan-ceo-led-smear-campaign-against-valeant-ackman/

Allergan CEO David Pyott personally led a campaign of “misconduct” to fend off a $55 billion hostile bid from Valeant Pharmaceuticals, activist Bill Ackman and Valeant claim in new court papers.

Pyott also overrode a member of his management team who raised concerns about spreading false and misleading information to drive down Valeant’s share price, according to the papers.

As part of its bid to discredit Valeant, Allergan questioned Valeant’s accounting, but backed down when asked to produce the expert it was using for its critique, the documents show.

“After baselessly trashing Valeant’s accounting for months… Allergan chose not to expose its alleged accounting expert to cross-examination in this litigation,” Ackman’s lawyers said.

Last week, Ackman said he had evidence Allergan lied in its effort to smear Valeant, and the papers filed late Monday in California federal court elaborate on his claim.
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I think this is just a way of bullying Allergan. They are hoping that using this scare tactics, Allergan will not publish the forensic analysis on their Q3 earnings.
 




Anonymous said:
I think this is just a way of bullying Allergan. They are hoping that using this scare tactics, Allergan will not publish the forensic analysis on their Q3 earnings.
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Actually, it's the opposite. According to the article today in Marketwatch, Valeant has called the forensic accountants to take the stand. Allergan is refusing to produce them.

So much for transparency. Allergan is like a little bitch running her mouth, but wants to hide when a judge says, wait, what did you say?
 




Jeff Edwards is the ex son in law of Gavin Herbert the founder of Allergan. I am sure he did not want to let the ego manic Pyott continue to make false statements. He got out because he knows Pyott will do anything to keep himself as the CEO.
 




Anonymous said:
Jeff Edwards is the ex son in law of Gavin Herbert the founder of Allergan. I am sure he did not want to let the ego manic Pyott continue to make false statements. He got out because he knows Pyott will do anything to keep himself as the CEO.
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I have no idea about the familial (or ex-familial) relationships you are referring to. But I do know that Gavin Herbert strongly supports preserving the research and development side of Allergan, which is firmly in line with the current administration provided by CEO Pyott and the Allergan Board:

---Gavin S. Herbert, Allergan's co-founder and former chairman, urged the company's directors to reject a buyout offer from Valeant Pharmaceuticals and activist investor Bill Ackman. Speaking at Allergan's annual meeting in Irvine, Herbert told the board that he feared Valeant would cut the company's research and development budget as much as 80%, hampering its ability to produce new drugs and grow its business..."That would really kill this company," Herbert said. " I am very much against that." Shareholders and employees burst into applause. --- (from LATimes article by Stuart Pfeifer, 6 May 2014)

Your line of thinking makes no sense at all (ex-son-in-law still loyal to founder, while at the same time going against founder's wishes? Can't follow that.) Explain further, if you can.
 




Anonymous said:
Actually, it's the opposite. According to the article today in Marketwatch, Valeant has called the forensic accountants to take the stand. Allergan is refusing to produce them.

So much for transparency. Allergan is like a little bitch running her mouth, but wants to hide when a judge says, wait, what did you say?
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There is no Market Watch Article that you speak of where VRX asks the forensic accountants from AGN to take the stand.. What a liar. Go back to the Valeant basement and ask your Mom for more Meatloaf.
 




LOL make all the comments and allegations you want Harvard Business Report still named Pyott #4 CEO in the WORLD.... must be doing something right I'm sorry where was Pearson ranked???
OH YEAH HE WASNT
 








Anonymous said:
I have no idea about the familial (or ex-familial) relationships you are referring to. But I do know that Gavin Herbert strongly supports preserving the research and development side of Allergan, which is firmly in line with the current administration provided by CEO Pyott and the Allergan Board:

---Gavin S. Herbert, Allergan's co-founder and former chairman, urged the company's directors to reject a buyout offer from Valeant Pharmaceuticals and activist investor Bill Ackman. Speaking at Allergan's annual meeting in Irvine, Herbert told the board that he feared Valeant would cut the company's research and development budget as much as 80%, hampering its ability to produce new drugs and grow its business..."That would really kill this company," Herbert said. " I am very much against that." Shareholders and employees burst into applause. --- (from LATimes article by Stuart Pfeifer, 6 May 2014)

Your line of thinking makes no sense at all (ex-son-in-law still loyal to founder, while at the same time going against founder's wishes? Can't follow that.) Explain further, if you can.
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I'm sure Jeff supports R&D, but was Gavin also for Pyott lying?
Some people have ethics.
 




Anonymous said:
I'm sure Jeff supports R&D, but was Gavin also for Pyott lying?
Some people have ethics.[/QUOTE

There are plenty of ethics to go around, just choose the ones you like.

---"Robert Kindler, vice chairman and global head of mergers and acquisitions for Morgan Stanley, is quoted in an Allergan press release as saying: "My takeaway is that Allergan is not being nearly aggressive enough in going after the Valeant business model and currency." Further, David Horn, managing director of Morgan Stanley's investment banking division for health care, is quoted as saying: "Part of what Rob (Kindler) is suggesting (to Allergan) is to allow him to use his significant relationships with media and analysts to provide a clear and detailed articulation of why Valeant is a house of cards ane your investors should not want to take their stock."

Comments from the two men were obtained through emails sent to Allergan Chief Executive David Pyott and Chief Financial Officer Jeff Edwards, the company said, though it acknowledges permission to use the quotes was neither sought or obtained.--- (from the Russ Britt article in WSJ Marketwatch, "Even Valeant's own brokers question proposed deal, Allergan contends", 16 June 2014)
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Anonymous said:
These lists don't mean much, but Pearson is on the list at #8
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That is true. Pyott was listed in the top 5 and Pearson came in at #8.

Here is something that tells the depths of jealous desperation that Pershing Square and Valeant are trying to claw there way up from:

"Last week Allergan said that Harvard Business Review ranks Pyott as one of the world's top five CEOs, based on three quantitative metrics, but Ackman, who earned his undergraduate and business degrees from Harvard, said the journal had goofed on the math and that the hedge fund had asked for a correction." (from a Thomson Reuters article by Svea Herbst-Bayliss, 21 Oct.)

I had to read that over about five times to let it sink in. Because I couldn't believe that even Ackman could be that petty and grasping.
 




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