A lawsuit was filed on behalf of investors in Endo International plc (NASDAQ: ENDP) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 07/02/2020 -- An investor, who purchased shares of Endo International plc (NASDAQ: ENDP), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Endo International plc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Endo International plc (NASDAQ: ENDP) have certain options and for certain investors are short and strict deadlines running. Deadline: August 18, 2020. NASDAQ: ENDP investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Dublin based Endo International plc manufactures and sells generic and branded pharmaceuticals in the United States and internationally.
Endo International plc operates through several subsidiaries engaged in the opioid market, including Endo Health Solutions Inc. ("EHS"), Endo Pharmaceuticals, Inc. ("EPI"), Par Pharmaceutical Companies, Inc. ("PPCI"), and Par Pharmaceutical, Inc. ("PPI").
Endo International plc and its subsidiaries have been substantial manufacturers of opioids in the U.S., with the State of New York ("New York") comprising a significant part of Endo's opioid market. Opioids sales constituted a substantial portion of Endo's overall revenues. Opioids sales were responsible for roughly $403 million of Endo's overall revenues in 2012, $657 million in 2014, and $486 million of Endo's $4 billion in sales in 2016. Its branded opioid, Opana ER, yielded revenue of $1.15 billion from 2010 to 2013, and it alone accounted for 10% of Endo's total revenue in 2012.
On June 10, 2020, New York Governor Andrew Cuomo ("Governor Cuomo") announced that the New York Department of Financial Services ("DFS") had filed administrative charges against Endo International plc in connection with its role in the opioid crisis, alleging that Endo fraudulently misrepresented the safety and efficacy of its opioid drugs while minimizing the risk of addiction and other ill effects. That same day, DFS issued its own press release specifically announcing that it "has filed charges and initiated administrative proceedings against Endo . . . and its subsidiaries, [EHS], [EPI], and [PPCI]" in connection with "DFS' ongoing investigation into the entities that created and perpetuated the opioid crisis"; that "[t]he DFS' statement of charges alleges that, like other opioid Manufactures, Endo . . . [k]nowingly furthered a false narrative to legitimize opioids as appropriate for broad treatment of pain by downplaying their long-known addictive nature and risks"; and that Endo and its subsidiaries "[m]isrepresented the safety and efficacy of opioids, without legitimate scientific substantiation," and "[d]eployed a large sales force to target healthcare providers directly with these misrepresentations."
The plaintiff claims that between August 8, 2017, and June 10, 2020, the Defendants made false and/or misleading statements and/or failed to disclose: (1) the full scope of Endo'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 U.S., as well as the fraud that Defendants perpetrated on the New York insurance market; (2) part of that contribution to the crisis included Endo publishing and disseminating false information to health care providers regarding the risks and benefits of opioids; (3) that the foregoing, once revealed, was foreseeably likely to subject Endo and/or its subsidiaries to increased regulatory scrutiny and enforcement, as well as significant financial and/or reputational harm, particularly with respect to New York; and (4) that, as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Endo International plc (NASDAQ: ENDP) have certain options and should contact the Shareholders Foundation.
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