NEW YORK--(EON: Enhanced Online News)--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 firstname.lastname@example.org, 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.