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The SEC Is Looking Into Bill Ackman's Big Allergan Deal

Linette LopezAug 14, 2014, 23:08 IST

The SEC is investigating Bill Ackman and Canadian pharmaceutical company Valeant for their hostile pursuit of Allergan, another pharmaceutical company.

Allergan has already filed suit against both Ackman and Valeant for insider trading. It alleges that Ackman and Valeant violated specifically SEC rule 14 e-3, which has to do with making tender offers for companies based on or while knowing material non-public information.

More on this to come, refresh for updates.