Robbins Arroyo LLP: Ligand Pharmaceuticals Incorporated (LGND) Misled Shareholders According to a Recently Filed Class Action
November 29 2016 - 02:12PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed against Ligand Pharmaceuticals
Incorporated (NASDAQGM: LGND) in the U.S. District Court for the
Southern District of California. The complaint is brought on behalf
of all purchasers of Ligand securities between November 9, 2015 and
November 14, 2016, for alleged violations of the Securities
Exchange Act of 1934 by Ligand's officers and directors. Ligand, a
biopharmaceutical company, focuses on developing and acquiring
technologies that help pharmaceutical companies discover and
develop medicines worldwide.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/ligand-pharmaceuticals-incorporated
Ligand Accused of Overstating Its Assets
According to the complaint, Ligand submitted several filings
with the U.S. Securities and Exchange Commission ("SEC") attesting
to the accuracy of its financial reporting, the disclosure of any
material changes to the company's internal controls over financial
reporting, and the disclosure of all fraud. However, the complaint
alleges that Ligand officials 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; and (4) in turn, Ligand
lacked effective internal control over financial reporting.
On November 14, 2016, Ligand filed a Form 8-K with the SEC
revealing that its consolidated financial statements as of
September 30, 2015, December 31, 2015, March 31, 2016, and June 30,
2016 need to be restated and its internal control over financial
reporting was not effective as of December 31, 2015. In particular,
the company stated that the accounting for income taxes related to
complex transactions, including the income tax provision and
related tax assets and liabilities and controls over the financial
reporting classification of convertible debt and temporary equity,
were at issue. On this news, Ligand shares fell $5.60 per share, or
approximately 5%, to close at $103.85 per share on November 16,
2016.
Ligand Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20161129006162/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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