An investor in NASDAQ:LGND shares filed a lawsuit against Ligand Pharmaceuticals over alleged violations of Federal Securities Laws.
Investors who purchased shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) have certain options and for certain investors are short and strict deadlines running. Deadline: January 17, 2017. NASDAQ:LGND investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff claims that the Defendants made false and/or misleading statements and/or failed to disclose that Ligand Pharmaceuticals Inc. overstated the value of certain Deferred Tax Assets by approximately $27.5 million or 13%, that Ligand Pharmaceuticals Inc.’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, that Ligand Pharmaceuticals Inc. did not maintain effective controls over the accuracy and presentation of the accounting for income taxes related to complex transactions, that in turn, Ligand Pharmaceuticals Inc. lacked effective internal control over financial reporting, and that as a result, defendants’ statements about Ligand’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On November 9, 2016, Ligand Pharmaceuticals Inc. announced that it would not be able to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and that it was reviewing a potential restatement.
On November 14, 2016, Ligand Pharmaceuticals Inc. announced that it would restate financial statements for the quarters ended September 30, 2015; December 31, 2015; March 31, 2016; and June 30, 2016, due to a material error. Ligand Pharmaceuticals Inc. also disclosed that 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.
Shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) closed on December 12, 2016 at $106.75 per share.
Those who purchased NASDAQ:LGND shares have certain options and should contact the Shareholders Foundation.
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