NEW YORK (TheStreet) -- There were no tips on the golf course, no secret meetings on a deal, just a telephone call from Valeant Pharmaceuticals' (VRX) CEO to William Ackman of the hedge fund Pershing Square. The call was to seek a partnership between Valeant and Pershing Square to help build a large position in Allergan (AGN) stock, win board seats and pressure the company to agree to a deal with Valeant.
Insider trading? Maybe. Against the law? Maybe not. The right way to do business? No way.
This is the first known instance of this tactic. But given the extra scrutiny and lawsuit now being filed it may be the last.
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