Ligand Pharmaceuticals Incorporated ("Ligand") is an American company focused on drug discovery, early-stage drug development, and product reformulation.

According to the law firm press release, the lawsuit alleges that that 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.