BOSTON, Nov. 15, 2016 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether Ligand Pharmaceuticals Inc. (NASDAQ: LGND) and certain of its officers and directors violated federal securities laws following the news that the Company has restated several quarters of recent financial results.
On November 15, 2016, the Company announced in an SEC filing that it "is restating its previously issued consolidated financial statements as of and for the year ended December 31, 2015 and the condensed consolidated financial statements as of and for the three and nine months ended September 30, 2015 to correct errors relating to the Company's net operating loss carryforward benefits in the United States which resulted in an overstatement of deferred tax assets." The November 15 filing also noted that "the Company's income tax benefit and net income for the year ended December 31, 2015 and the three and nine month periods ended September 30, 2015 were overstated by $27.5 million each." On this news, the Company's shares dropped as much as $5.95 per share in intraday trading from the previous day's closing price.
If you have recently purchased or otherwise acquired Ligand securities and have questions about your legal rights or possess information relevant to this investigation, please contact attorneys Steven Harte or Bradley Vettraino at (617) 398-5600 or by email at [email protected] or [email protected]. Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
Block & Leviton LLP's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 70 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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SOURCE Block & Leviton LLP