Valeant, Ackman Lose In California Court, Must Face Insider Trading Charges

Just when Valeant Pharmaceuticals and Bill Ackman’s Pershing Square thought Andrew Left and Citron Research charges of impropriety were in the rear view mirror – Left announced yesterday he had lightened up on his short position in the stock – another shoe dropped in a California courtroom this week on an unrelated matter. Valeant, Ackman and Pershing Square must face insider trading lawsuit, judge rules U.S. District Judge David Carter in Santa Ana, California, ruled Monday that Valeant and Ackman must face a trial for insider trading in their unsuccessful 2014 acquisition plans to acquire Allergan Inc. The court rejected…