Lawsuit for Investors in Ligand Pharmaceuticals Inc. (NASDAQ:LGND) over alleged Violations of Securities Laws announced by Sh...
November 29 2016 - 1:35PM
The Shareholders Foundation, Inc. announces that a lawsuit was
filed in California on behalf of certain purchasers of shares of
Ligand Pharmaceuticals Inc. (NASDAQ:LGND) over alleged Securities
Laws Violations by Ligand Pharmaceuticals Inc.
Investors who purchased shares of Ligand Pharmaceuticals Inc.
(NASDAQ:LGND) have certain options and for certain investors there
are short and strict deadlines running. Deadline: January 17, 2017.
NASDAQ: LGND investors should contact the Shareholders Foundation
at mail@shareholdersfoundation.com or call +1(858) 779 -
1554.
The plaintiff alleges that the Defendants made false and/or
misleading statements and/or failed to disclose that Ligand
Pharmaceuticals Inc. overstated the value of certain Deferred Tax
Assets by approximately $27.5 million or 13%, that Ligand
Pharmaceuticals Inc.’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, that Ligand
Pharmaceuticals Inc. did not maintain effective controls over the
accuracy and presentation of the accounting for income taxes
related to complex transactions, that in turn, Ligand
Pharmaceuticals Inc. lacked effective internal control over
financial reporting, and that 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.
On November 9, 2016, Ligand Pharmaceuticals Inc. announced that
it would not be able to timely file its Quarterly Report on Form
10-Q for the quarter ended September 30, 2016 and that it was
reviewing a potential restatement.
On November 14, 2016, Ligand Pharmaceuticals Inc. announced that
it would restate financial statements for the quarters ended
September 30, 2015; December 31, 2015; March 31, 2016; and June 30,
2016, due to a material error. Ligand Pharmaceuticals Inc. also
disclosed that its management determined that the Company did not
maintain effective controls over the accuracy and presentation of
accounting for income taxes related to complex
transactions.
Those who purchased Ligand Pharmaceuticals Inc. (NASDAQ:LGND)
shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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