NEW YORK, Nov. 18, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Ligand Pharmaceuticals Incorporated ("Ligand" or the "Company") (NASDAQ: LGND) and certain of its officers, and is on behalf of shareholders who purchased or otherwise acquired Alexion securities between November 9, 2015 and November 14, 2016, both dates inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: http://www.bgandg.com/lgnd.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose: (1) Ligand exaggerated the value of certain Deferred Tax Assets by about 13% or $27.5 million; (2) Ligand'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; (3) Ligand did not have efficient accounting controls over the accuracy and presentation of income taxes of complex transactions; (4) as a result, Ligand lacked effective internal control over financial reporting; and (5) consequently, 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 revealed that it would delay its Quarterly Report for the quarter ended September 30, 2016 on Form 10-Q and that it may issue a restatement. On November 14, 2016 Ligand said it would restate its four financial statements for the quarters ended September 30, 2015; December 31, 2015; March 31, 2016; and June 30, 2016, due to a material error and said its management stated that the Company did not maintain effective controls over the accuracy and presentation of accounting for income taxes related to complex transactions.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/lgnd or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Ligand you have until January 17, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.