SAN DIEGO, Nov. 29, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in California on behalf of certain purchasers of shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) over alleged Securities Laws Violations by Ligand Pharmaceuticals Inc.
Investors who purchased shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) have certain options and for certain investors there are short and strict deadlines running. Deadline: January 17, 2017. NASDAQ: LGND investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges 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.
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.
Those who purchased Ligand Pharmaceuticals Inc. (NASDAQ:LGND) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.