Valeant Pharmaceutical International, Inc. ("Valeant") is a global pharmaceutical and medical device company that offers branded, generic, and over-the-counter drugs and medical devices. It is headquartered in Canada.

According to the law firm press release, Plaintiff alleges that Valeant unlawfully tipped Pershing Square about its plan to make a tender offer for Allergan, with Pershing Square then trading on such material, non-public information by buying an approximately 9.7% stake in Allergan during the Class Period without first disclosing Valeant's plan to pursue a tender offer to acquire Allergan at a significant premium.

When Valeant first disclosed its desire to pursue an acquisition of Allergan to the stock market on April 22, 2014, Allergan's stock price soared, rising from a closing price the previous day of $141.88 to close at $163.51 on April 22, 2014 on a huge volume of over 32 million shares – ten times Allergan's average daily trading volume during the Class Period.

On November 9, 2015, the Court issued an Order denying Defendants' motion to dismiss.

A second amended Complaint was filed on April 21, 2016.

The Parties entered into a Stipulation of Settlement on January 26, 2018. The Court issued an Order preliminarily approving the Settlement on March 19. On August 14, the Court granted final approval of the Settlement and entered Final Judgment. On November 20, 2019, the Court issued an Order approving the Settlement's distribution plan.