NEW YORK - (NewMediaWire) - August 12, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Endo International plc ("Endo" or the "Company")(NASDAQ:ENDP) of the August 18, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Endo stock or options between August 8, 2017 and June 10, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/ENDP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Endo securities between August 8, 2017 and June 10, 2020 (the "Class Period"). The case, Albiges v. Endo International plc et al., No. 20-cv-07536 was filed on June 19, 2020, and has been assigned to Judge Madeline Cox Arleo.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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 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 share price fell from $4.51 per share on June 9, 2020 to a closing price of $3.85 on June 10, 2020: a $0.66 or a 14.63% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Endo's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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