Cases
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND)
Securities Class Action
Overview
Overview
- Date:
- 11/16/2016
- Company Name:
- Ligand Pharmaceuticals Inc.
- Stock Symbol:
- LGND
- Class Period:
- FROM 11/9/2015 TO 11/14/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: District of Southern California
NEW YORK, November 16, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the California Southern District Court on behalf of all persons or entities who acquired the 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.
On this news, Ligand's share price fell $5.60, or approximately 5%, to close at $103.85 on November 16, 2016.
If you acquired Arrowhead securities during 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
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.
On this news, Ligand's share price fell $5.60, or approximately 5%, to close at $103.85 on November 16, 2016.
If you acquired Arrowhead securities during 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.