Bragar Eagel & Squire, P.C. Reminds Investors of a Class Action Lawsuit Against Ligand Pharmaceuticals Incorporated (NASDAQ:L...
January 04 2017 - 5:30PM
Business Wire
Bragar Eagel & Squire, P.C. reminds investors that a class
action lawsuit has been filed in the U.S. District Court for the
Southern District of California on behalf of all persons or
entities who acquired Ligand Pharmaceuticals Incorporated
(NASDAQ:LGND) securities between November 9, 2015 and November 14,
2016 (the “Class Period”).
Ligand is a biopharmaceutical company focused on developing or
acquiring technologies that help pharmaceutical companies discover
and develop medicines.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company’s business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (i) Ligand overstated the value of certain Deferred
Tax Assets by approximately $27.5 million, or 13%; (ii) 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; (iii) Ligand did not maintain effective controls
over the accuracy and presentation of the accounting for income
taxes related to complex transactions; (iv) that the Company lacked
effective internal control over financial reporting; and that as a
result of the above; (v) Ligand’s statements about its business,
operations and prospects were materially false and misleading
and/or lacked a reasonable basis at all relevant times.
Ligand revealed, on November 9, 2016, that it would delay its
Quarterly Report for the quarter ended September 30, 2016 and that
it may issue a restatement. On November 14, 2016, Ligand said it
would restate its financial statements for the quarters ended
September 30, 2015; December 31, 2015; March 31, 2016; and June 30,
2016, due to a material error and said 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. Following this news, Ligand shares declined
$5.60 per share over two trading days to close at $103.85 per share
on November 16, 2016.
If you purchased or otherwise acquired Ligand securities during
the Class Period and suffered a loss or continue to hold shares
purchased prior to the Class Period, have information or would like
to learn more about these claims, or have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact J. Brandon Walker, Esq. by email at
investigations@bespc.com, or telephone at (212) 355-4648, or by
filling out this contact form. There is no cost or obligation to
you.
Bragar Eagel & Squire, P.C. is a New York-based law firm
concentrating in commercial and securities litigation. For
additional information, please go to www.bespc.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170104006494/en/
Bragar Eagel & Squire, P.C.J. Brandon Walker, Esq.,
212-355-4648investigations@bespc.com
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