LIGAND PHARMACEUTICALS INVESTOR ALERT: Hagens Berman is Investigating Ligand Pharmaceuticals' Accounting Restatements and Possible Securities Law Violations

SAN FRANCISCO, Nov. 17, 2016

If you purchased or otherwise acquired shares of LGND before November 14, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP.  For more information visit:

https://www.hbsslaw.com/cases/LGND

or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing LGND@hbsslaw.com.

On November 3, 2016, Ligand announced it was evaluating certain deferred tax assets ("DTA") recorded in the third quarter of 2015. The Company explained, "the amount of DTA Ligand recorded in connection with the release of its valuation allowance could be reduced by approximately 10% of the $217 million DTA booked in the third quarter of 2015[]" and "[t]he impact of the reduction would reduce…GAAP net income for that period by the same amount."

On November 14, 2016, Ligand announced it overstated the value of its DTA by approximately $27.5 million, over 26% higher than first announced, and it misclassified certain debt as short-term debt rather than long-term debt as of December 31, 2015.

"We're investigating when management knew it was improbable that Ligand could recover the full amount of its DTA, the debt misclassification, and the insider sales," said Hagens Berman partner Reed Kathrein.