SEC Said To Investigate Bill Ackman On Allergan Bid

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SEC Said To Investigate Bill Ackman On Allergan Bid

Activist investor Bill Ackman and his quest to bring Valeant Pharmaceuticals Intl Inc (NYSE:VRX) together with Allergan, Inc. (NYSE:AGN) has been well-publicized, but has he broken any laws? That’s what the Securities and Exchange Commission apparently wants to know. Regulators are looking possible breaches of insider trading laws, reports The Wall Street Journal, which cites unnamed sources.

SEC probes Ackman on insider trading

The sources reportedly said the civil investigation is currently at a rather early stage and might not result in any action against Bill Ackman or his firm, Pershing Square Capital Management. Of course it isn’t uncommon for regulators to examine unusual developments, but often their investigators do not turn up anything substantial.

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Earlier this year, Ackman’s firm purchased a 9.7% stake in Allergan “with the understanding that Valeant would seek to buy the company,” reports The Wall Street Journal. It’s certainly unusua