Pershing Square Capital Management, L.P. ("Pershing") is an American hedge fund management company. Allergan, Inc. is an American global pharmaceutical company.

According to the Complaint, it is alleged that this action is based upon Defendants' illicit insider trading and frontrunning scheme that caused billions of dollars in damages to Plaintiff and other similarly situated investors (collectively, the "Class" or "Derivatives Class") who sold Allergan call options, purchased Allergan put options and/or sold Allergan equity forward contracts contemporaneously with Pershing's illegal purchase of Allergan common stock, Allergan call options and Allergan equity forward contracts during the Class Period.

On October 13, 2017, the Court appointed Lead Plaintiff and Counsel.

The parties entered into a Stipulation of Settlement on January 16, 2018. On March 19, the Court issued an Order preliminarily approving the Settlement. On August 13, the Court granted final approval of the Settlement and entered Final Judgment. On January 15, 2020, the Court issued an Order approving distribution of the net Settlement fund.