Endo International plc Class Action Lawsuit
- Company Name
- Endo International plc
- Stock Symbol
- Class Period
- August 8, 2017 to June 10, 2020
- District of New Jersey
The Endo International plc class action lawsuit charges Endo International and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Endo International securities between August 8, 2017 and June 10, 2020, inclusive (the “Class Period”). The Endo International class action lawsuit was commenced on June 19, 2020 in the District of New Jersey and is captioned Albiges v. Endo International plc, No. 20-cv-07536.
Endo International manufactures and sells generic and branded pharmaceuticals in the United States and internationally, including both generic and branded opioid products. Endo International and its subsidiaries have been substantial manufacturers of opioids in the United States, with the State of New York comprising a significant part of Endo International’s opioid market. Opioid sales constituted a substantial portion of Endo International’s overall revenues, including roughly $403 million of Endo International’s overall revenues in 2012, $657 million of Endo International’s overall revenues in 2014, and $486 million of Endo International’s overall revenues in 2016.
The Endo International class action lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose: (i) the full scope of Endo International’s and/or its subsidiaries’ contributions to the opioid crisis, including, but not limited to, their opioid products’ disproportionately negative impact on New York, one of the most populous states in the United States, as well as the fraud that defendants perpetrated on the New York insurance market; (ii) that part of its contribution to the opioid crisis included Endo International publishing and disseminating false information to healthcare providers regarding the risks and benefits of opioids; (iii) that the foregoing, once revealed, was foreseeably likely to subject Endo International and/or its subsidiaries to increased regulatory scrutiny and enforcement, as well as significant financial and/or reputational harm, particularly with respect to its contribution to the opioid crisis in New York; and (iv) that, as a result, Endo International’s public statements were materially false and misleading at all relevant times.
On June 10, 2020, New York Governor Andrew Cuomo announced that the New York Department of Financial Services had filed administrative charges against Endo International in connection with its role in the opioid crisis, alleging that Endo International fraudulently misrepresented the safety and efficacy of its opioid drugs while minimizing the risk of addiction and other ill effects. On this news, Endo International’s share price fell nearly 15%.
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