Video clips of Allergan CEO David Pyott, played in a California court this week, show him admitting he tried to torpedo the stock of his spurned merger partner Valeant Pharmaceuticals.
Pyott's admission, made in a deposition as part of Allergan's insider trading case against Bill Ackman and Valeant, was in stark contrast to what one of Allergan's top independent directors said in a separate deposition.
"I don't think it would be appropriate for Allergan to take affirmative steps to drive down Valeant's stock price," said director Timothy Proctor, a former executive of spirits maker Diego.
The clips were shown in a hearing on Allergan's motion for a preliminary injunction to throw out Ackman's votes at an upcoming shareholder meeting.
Ackman, who owns 9.7 percent of Allergan, is working with Valeant in a $55 billion takeover of the botox maker. The activist investor corralled other shareholders to call a special meeting to unseat Allergan directors in hopes a new board will negotiate with Valeant.
In August, Allergan sued Ackman and Valeant, alleging they engaged in insider trading. The duo denied the charge and countersued, contending that Allergan has led a smear campaign against Valeant.
Judge David Carter's ruling is expected this week.
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