Proposed Settlement of Class Action and Final Settlement Hearing in the In re Allergan Proxy Violation Derivatives Litigation Settlement

NEW YORK, April 2, 2018 /PRNewswire/ -- The following statement is being issued pursuant to Court Order regarding the In re Allergan Proxy Violation Derivatives Litigation Settlement.

To:  All persons and entities who transacted in derivative securities that are price-interdependent with Allergan, Inc. (AGN) publicly traded common stock ("Allergan Derivatives") from February 25, 2014 through April 21, 2014, inclusive.

This Summary Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California ("Court"), dated March 19, 2018. The purpose of this Summary Publication Notice is to inform you of the proposed settlement of the above-entitled class action ("Action") against Defendants Pershing Square Capital Management, L.P., PS Management GP, LLC, William Ackman, PS Fund 1, LLC, Pershing Square, L.P., Pershing Square II, L.P., Pershing Square GP, LLC, Pershing Square Holdings, Ltd., Michael Pearson, Valeant Pharmaceuticals International, and Valeant Pharmaceuticals International, Inc. (collectively, "the Defendants").

A settlement hearing will be held before the Honorable David O. Carter, United States District Judge, at the Ronald Reagan Federal Building and United States Courthouse, 411 West Fourth Street, Courtroom 9D, Santa Ana, California 92701-4516, at 7:30 a.m. on May 30, 2018 in order to: (1) determine whether the Court should grant certification to the Settlement Class pursuant to Rules 23(a) and (b)(3) of the Federal Rules of Civil Procedure; (2) determine whether the proposed Settlement consisting of $40,000,000 in cash should be approved as fair, reasonable, and adequate to the Class and the proposed Final Judgment entered; (3) determine whether the proposed Plan of Allocation for the proceeds of the Settlement is fair and reasonable, and should be approved by the Court; (4) determine whether the applications by Plaintiffs' Lead Counsel for an award of attorneys' fees equal to or up to one-fourth of the Settlement Fund and reimbursement of their litigation expenses should be approved; and (5) rule upon such other matters as the Court may deem appropriate.

If you transacted in derivative securities that are price-interdependent with Allergan, Inc. publicly traded common stock from February 25, 2014 through April 21, 2014, both dates inclusive, and are not otherwise excluded from the Class, you are a Class Member. Class Members will be bound by the Final Judgment of the Court. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than July 31, 2018 establishing that you are entitled to recovery. If you are a Class Member and need a Proof of Claim, copies may be obtained by telephoning the Claims Administrator at 1-800-349-5116 or by downloading the form on the Internet at: www.allerganderivativessettlement.com.

If you do not wish to be included in the Class, you do not wish to participate in the Settlement and you do not wish to receive a distribution from the Net Settlement Fund, you may request to be excluded, in the manner set forth in the full Notice of Proposed Settlement and Motion for Attorneys' Fees and Expenses ("Notice"), no later than May 9, 2018. If you are a Class member and do not timely and validly request exclusion from the Class, and you wish to object to the Settlement, the Plan of Allocation, and/or Plaintiffs' Lead Counsel's application for an award of attorneys' fees and/or reimbursement of expenses, you may submit a written objection. You also may, but are not required to, appear at the Final Approval Hearing. You must file and serve your written objection, in the manner specifically set forth in the Notice, no later than May 9, 2018.

This Summary Notice is only a summary of information regarding the Action and the Settlement. You are urged to obtain a copy of the full, detailed Notice, which includes, among other things, a description of: (1) the litigation in the Action prior to the Settlement; (2) the terms of the proposed Settlement; (3) the benefits of the Settlement to the Class; (4) the Plan of Allocation for the proceeds of the Settlement; (5) the rights of Class members; (6) the release of claims against Defendants; (7) the application for an award of attorneys' fees and expenses; and (8) additional details concerning the Final Approval Hearing, excluding oneself from the Class and/or objecting to the Settlement, the Plan of Allocation, and/or the application for attorneys' fees and/or reimbursement of expenses, including the procedures that MUST be followed for Class members to request exclusion from the Class or to object to the Settlement, the Plan of Allocation and/or application for attorneys' fees and/or reimbursement of expenses.

A copy of the full Notice may be accessed at: www.allerganderivativessettlement.com, and for additional information, you may contact Garden City Group, LLC, the Claims Administrator, at the following address:

Allergan Proxy Violation Derivatives Litigation Settlement
c/o GCG
P.O. Box 10556
Dublin, OH 43017-5116

PLEASE DO NOT CONTACT THE COURT OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

Dated: April 2, 2018

Honorable David O. Carter
United States District Judge

SOURCE Entwistle & Cappucci LLP