Allergan Inc. and its lawyers at Latham & Watkins aren’t done fighting in the clash for control of the pharmaceutical company. In an attempt to derail a takeover attempt by Valeant Pharmaceuticals International Inc., which has teamed with activist hedge fund Pershing Square Capital Management, Latham on Wednesday filed notice that it intends to lodge an emergency appeal with the U.S. Court of Appeals for the Ninth Circuit.
The appeal came a day after U.S. District Judge David Carter in Santa Ana, Calif., refused to enjoin Pershing Square from voting the 9.7 percent of Allergan stock that it owns in a Dec. 18 election of directors. Although Carter found that “serious issues” had been raised as to whether Pershing Square and Valeant engaged in insider trading, he ordered only that the defendants make “corrective disclosures” to Allergan’s shareholders. Those disclosures must include the fact that a serious issue about insider trading has been raised in the litigation.
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