On or around 05/16/2017 (Notice of voluntarily dismissal)
Filing Date: November 17, 2016
According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Ligand overstated the value of certain Deferred Tax Assets by approximately $27.5 million or 13%; (2) Ligand’s outstanding convertible senior unsecured notes due 2019 should have been classified as short-term debt rather than long-term debt as of December 31, 2015; (3) Ligand did not maintain effective controls over the accuracy and presentation of the accounting for income taxes related to complex transactions; (4) in turn, Ligand lacked effective internal control over financial reporting; and (5) as a result, Defendants’ statements about Ligand’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
This case was voluntarily dismissed on May 16, 2017.
Company & Securities Information
Defendant: Ligand Pharmaceuticals Incorporated
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: LGND
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Brendan Tan Wei Jie, et al. v. Ligand Pharmaceuticals Incorporated, et al.