Pershing Seeks Court Ruling On Allergan Special Meeting

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Pershing Seeks Court Ruling On Allergan Special Meeting

Pershing Square Capital Management LP has filed a lawsuit in Delaware court seeking a declaratory judgment to confirm that its recent push for a special meeting of Allergan, Inc. (NYSE:AGN) shareholders won’t trigger Allergan’s recently adopted poison pill.

The lawsuit, unveiled Friday, comes after a request Pershing made earlier this month to Allergan, Inc. (NYSE:AGN). The firm seeks confirmation that the company won’t use its poison pill to impede the calling of a special meeting. Pershing wants to call for a special meeting of Allergan shareholders in an effort to unseat six members of the company’s board.

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Allergan’s poison pill

In April, Allergan, Inc. (NYSE:AGN) announced that if any “unapproved investor” acquired at least 10% of its stock,