May 16, 2017 - The case was voluntarily dismissed.

November 17, 2016 - An investor in shares of Ligand Pharmaceuticals Inc (NASDAQ: LGND) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Ligand Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between November 9, 2015 and November 14, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Ligand Pharmaceuticals Inc (NASDAQ: LGND) common shares between November 9, 2015 and November 14, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 9, 2015 and November 14, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Ligand Pharmaceuticals Inc overstated the value of certain Deferred Tax Assets by approximately $27.5 million or 13%, that Ligand Pharmaceuticals Inc’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, that Ligand Pharmaceuticals Inc did not maintain effective controls over the accuracy and presentation of the accounting for income taxes related to complex transactions, that in turn, Ligand Pharmaceuticals Inc lacked effective internal control over financial reporting, and that as a result, defendants’ statements about Ligand Pharmaceuticals Inc’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Ligand Pharmaceuticals Inc reported that its annual Total Revenue rose from $64.54 million in 2014 to $71.91 million in 2015 and that its Net Income increased from $12.02 million in 2014 to $257.31 million in 2015.

Shares of Ligand Pharmaceuticals Inc (NASDAQ: LGND) grew from $44.44 per share in October 2014 to as high as $134.88 per share in July 2016.

On November 9, 2016, Ligand Pharmaceuticals Inc announced that it would not be able to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and that it was reviewing a potential restatement.

On November 14, 2016, Ligand Pharmaceuticals Inc announced that it would restate financial statements for the quarters ended September 30, 2015; December 31, 2015; March 31, 2016; and June 30, 2016, due to a material error. Ligand Pharmaceuticals Inc also disclosed that its management determined that the Company did not maintain effective controls over the accuracy and presentation of accounting for income taxes related to complex transactions.

Shares of Ligand Pharmaceuticals Inc (NASDAQ: LGND) closed on November 17, 2016 at $105.54 per share.