NEW YORK–(BUSINESS WIRE)–#ENDP–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of investors that purchased Endo International plc (NASDAQ: ENDP) securities between August 8, 2017 and June 10, 2020 (the “Class Period”). Investors have until August 18, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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 complaint, filed on June 19, 2020, 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.
If you purchased Endo securities during the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.