SAN FRANCISCO, Nov. 17, 2016 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) to the firm's investigation into improper accounting and possible securities law violations.
If you purchased or otherwise acquired shares of LGND before November 14, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing [email protected].
On November 3, 2016, Ligand announced it was evaluating 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 announced it overstated the value of its DTA by approximately $27.5 million, over 26% higher than first announced, and it misclassified certain debt as short-term debt rather than long-term debt as of December 31, 2015.
"We're investigating when management knew it was improbable that Ligand could recover the full amount of its DTA, the debt misclassification, and the insider sales," 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 [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm's Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP