NEW YORK, July 01, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Endo International plc (“Endo” or the “Company”) (NASDAQ: ENDP) and certain of its officers. The class action, filed in United States District Court for the District of New Jersey, and indexed under 20-cv-07536, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Endo securities between August 8, 2017, and June 10, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Endo securities during the class period, you have until August 18, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Endo was founded in 1920 and is headquartered in Dublin, Ireland. The Company manufactures and sells generic and branded pharmaceuticals in the U.S. and internationally, including both generic and branded opioid products.
Endo 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 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.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) 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; (ii) 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; (iii) 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 (iv) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
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 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.”
On this news, Endo’s Ordinary share price fell $0.66 per share, or 14.63%, to close at $3.85 per share on June 10, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
