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Allergan, Inc. Investors File Lawsuit Against Directors

  • If you purchased shares of Allergan, Inc. (Public, NYSE:AGN) and currently hold those AGN shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Allergan, Inc.
Security
NYSE: AGN

Case Name
Allergan Shareholder Derivative Action 11/28/2011
Type of Lawsuit
Stockholder Derivative Action
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Summary

San Diego, Nov. 28, 2011 (Shareholders Foundation) -- An investor in NYSE: AGN shares filed a lawsuit against directors of Allergan, Inc. over alleged breaches of fiduciary duties in connection with the compensation plan that cost Allergan millions in tax benefits.
According to the complaint the plaintiff alleges that the defendants issued a misleading proxy statement asking AGN investors to approve an allegedly defective executive compensation plan that claimed the plan would be tax-deductible but in reality cost Allergan, Inc millions in tax benefits.

While Allergan’s annual revenue rose from $3.93billion for 2007 to $4.91billion in 2010, its Net Income fell from $486.50million in ’07, respectively $621.30million in ’09 to $0.6million in 2010.

Despite a substantial decrease in its Net Income certain executives of Allergan, Inc received a substantial increase in their total compensation from 2009 to 2010. For instance, its Chairman of the board and CEO’s total compensation rose from $11.99million for 2009 to $12.64million in 2010 and its President’s total compensation increased from $3.91million for 2009 to $4.76million for 2010.

Shares of Allergan, Inc. rose from as low as $31.57 per share in November ’08 to as high as $88.38 per share, but fell to recently $78.68 per share.