JACK XIE, and all other individuals similarly situated, Plaintiff, v. THE INVESTMENT COMMITTEE and BENEFITS OVERSIGHT COMMITTEE of the ALLERGAN INC. SAVINGS AND INVESTMENT PLAN and ACTAVIS INC. 401(k) PLAN, and MARIA TERESA HILADO, the Defendants, Case No. 8:17-cv-00271 (C.D. Cal., Feb. 14, 2017), seeks to recover many millions of dollars of damages suffered in Plaintiff’s retirement accounts due to breaches of fiduciary duties owed to them.
The case is a class action brought pursuant to the Employee Retirement Income Security Act (ERISA), by participants in the Plan, and on behalf of the Plan.
The Plan is a defined contribution plan under ERISA sponsored by Allergan for eligible employees to contribute a portion of their income towards their retirement savings. Among the investment options available to Plan participants is an employee stock option plan (ESOP), which allows Plan participants to buy and own shares of Allergan stock through the Plan.
During the Class Period, Allergan stock was the largest single investment purchased and held under the Plan by Plan participants.
The Defendants’ breaches of fiduciary duty occurred when they knew or should have known that Allergan’s stock had become artificially inflated by the Company’s fraud and misrepresentation, thus making Allergan stock an imprudent investment under ERISA and damaging the Plan and those Plan participants who bought or held Allergan stock.
Allergan is a multi-national pharmaceutical that produces branded and generic drugs, and performs pharmaceutical research development.
The Plaintiff is represented by:
Jacob H. Zamansky, Esq.
Samuel E. Bonderoff, Esq.
Edward H. Glenn, Jr., Esq.
Justin Sauerwald, Esq.
50 Broadway, 32nd Floor
New York, NY 10004