Check your 1099-B for sell Actavis Oct 1, 2013! (seriously)
It turns out that Actavis moved to Ireland in a complex set of deals. As part of this, the holders of ACT were deemed to have sold their shares of ACT on Oct 1, 2013 and having bought the same number of new ACT shares immediately. This saved them tax money, but costs you. The sell has been reported on your 1099-B! For a description of the tax effects, do a search for this quoted string:
"INFORMATION ON THE TAX CONSEQUENCES OF THE EXCHANGE OF ACTAVIS COMMON STOCK"
I can't post a link and expect the post to survive. If Actavis were forthright, this would be prominent on their investors web page.
yeah pretty much anybody who invests with an education above the 2nd grade understands they did the reverse merger in order to change their legal incorporation to Ireland and avoid future taxes. Blaming the company because you are to ignorant to understand what they are doing seems a little lame
any investor with experience has seen this happen time and time again (you can go all the way back to where Tyco bought ADT to get Irish venue.) If you had bothered to read the SEC filings you would have known what the tax results were, they are clearly spelled out. It is foolish for you to blame the company for not reading the SEC filings for you.
Believe or not, this will help taxes instead of hurting. For this situation, it's better to have the cost basis at $144 vs $25 for tax purposes. What is reported to the IRS is the market value - cost basis. It depends on each individuals tax situation, depending on each investors account whether it's an IRA, ROTh IRA, brokerage account, etc.