Mutual fund Lord Abbett & Co. filed a securities fraud lawsuit against Valeant Pharmaceuticals International Inc. (VRX) Wednesday, alleging that the company provided misleading information that caused the firm to buy stock at an artificially inflated price.
The lawsuit was filed in New Jersey alleging misconduct under the state's racketeer influenced and corrupt organizations (RICO) laws.
Other parties have previously filed RICO lawsuits against Valeant, but the hundreds of millions in losses claimed by those parties pale in comparison to the $80 billion in investor losses Lord Abbett is claiming.
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