ValueWalk readers are by now (hopefully) familiar with the Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) Allergan, Inc. (NYSE:AGN), Ackman, etc story – if no see a good (slightly dated) chart below. There is more news tonight regarding the Ackman lawsuit, a copy of which was obtained by VW. See the latest below as it is an important development in the saga…
Excerpt from lawsuit filing followed by both documents in scribd
PLEASE TAKE NOTICE THAT on November 17, 2014 at 8:30 a.m., or as soon thereafter as the matter can be heard by the above-entitled Court, located at 411W. Fourth Street, No. 1053, Santa Ana, California 92701, Defendants Pershing Square Capital Management, L.P.; PS Management, GP, LLC; PS Fund 1, LLC; William A. Ackman; Valeant Pharmaceuticals International, Inc.; Valeant Pharmaceuticals International; and AGMS, Inc. (collectively, “Defendants”) will and hereby do move the Court pursuant to Federal Rule of Civil Procedure 15 for leave to file Amended Counterclaims of Valeant and Pershing Square (“Amended Counterclaims”). This motion is based on the Notice of Motion and Motion, the attached Memorandum of Points and Authorities, the pleadings, and the concurrently filed proposed Amended Counterclaims of Valeant and Pershing Square. See L.R. 15-1.
This motion is made following the conference of counsel pursuant to Local Rule 7-3, which occurred on September 26, 2014. Plaintiffs do not consent to the relief sought herein.
II. The Amended Counterclaim Should Be Accepted For Filing As Is.
The need and basis for amendment arose from materials and testimony obtained in discovery, the vast majority of which Allergan has designated Confidential or Highly Confidential under the Stipulated Confidentiality Order. In accordance with that Order, Defendants are filing the proposed Amended Counterclaims under seal under an abundance of caution. However, the documents referenced in the proposed Amended Counterclaims do not reveal any proprietary information about Allergan—rather, they relate to Allergan’s criticisms of Valeant—and therefore do not meet the standard for obtaining confidential treatment under Federal Rule of Civil Procedure 26(c), let alone sealing a portion of an operative pleading. Moreover, there is a fundamental unfairness to Allergan taking a very public position devaluing Valeant’s stock and at the same time using the confidentiality order to shroud in secrecy its behind the scenes machinations that accompanied its public statements. Therefore, Defendants respectfully request relief from the Confidentiality Order to the extent required to file publicly the Amended Counterclaims.
Accordingly, Defendants respectfully request that their motion for leave to file Amended Counterclaims be granted.