SAN FRANCISCO, Dec. 14, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Ligand Pharmaceuticals, Inc. (NASDAQ:LGND) of the January 17, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired Ligand shares between November 9, 2015 and November 14, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/LGND
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing LGND@hbsslaw.com.
On November 3, 2016, Ligand announced it was evaluating its accounting for certain deferred tax assets (“DTA”) recorded in the third quarter of 2015. The Company explained, “the amount of DTA Ligand recorded in connection with the release of its valuation allowance could be reduced by approximately 10% of the $217 million DTA booked in the third quarter of 2015[]” and “[t]he impact of the reduction would reduce…GAAP net income for that period by the same amount.”
On November 14, 2016, Ligand revealed it overstated its DTA by approximately $27.5 million (over 26% higher than previously reported) and misclassified certain debt as short-term debt rather than long-term debt as of December 31, 2015. More specifically, in its November 21, 2016 Form 10-K/A: “[d]uring the quarter ended September 30, 2016, the Company concluded that for accounting purposes the approximately $27.5 million of DTA…did not meet the more likely-than-not criterion for recognition in 2015 and that the related valuation allowance should not have been reversed[]” and “the 2019 Convertible Senior Notes have been reclassified as a current liability as of December 31, 2015.”
“We’re investigating Ligand’s debt misclassification, insider sales, and when management knew it was improbable that the Company would recover its DTA completely,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Ligand should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email LGND@hbsslaw.com.
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