Valeant Pharmaceuticals International Inc. and Pershing Square Capital Management LP's hostile bid for Allergan Inc. seems to have run its course following the announcement of the proposed acquisition of Allergan by Actavis PLC — but not before the U.S. District Court for the Central District of California (Southern Division), the court hearing Allergan’s lawsuit alleging that Valeant and Pershing Square engaged in insider trading by purchasing shares of Allergan in violation of Rule 14e-3 under the Exchange Act, shed light on two key aspects of that rule.