Allergan (AGN) Hit With Lawsuit Over 'Artificially Inflated' Stock In 401(K) Plans
3/17/2017 6:46:06 AM
A participant in two 401(k) plans of Allergan PLC sued corporate and plan executives, alleging they breached their fiduciary duties because the plans continued offering “artificially inflated” company stock as an investment option.
“Defendants knew or should have known that material facts about Allergan's business had not been disclosed to the market, causing Allergan stock to trade at prices above which it would have traded had such facts been closed,” said the complaint filed March 7 in U.S. District Court in Newark, N.J.
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