LOS ANGELES–(BUSINESS WIRE)–$ENDP #classaction—The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Endo International plc (“Endo” or “the Company”) (NASDAQ: ENDP) common stock between August 8, 2017 and June 10, 2020, inclusive (the “Class Period”). Endo investors have until August 18, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On June 10, 2020, the New York Department of Financial Services (“DFS”) published a press release claiming that it “has filed charges and initiated administrative proceedings against Endo International plc and its subsidiaries, Endo Health Solutions Inc., Endo Pharmaceuticals, Inc., and Par Pharmaceutical Companies, Inc.” The charges are based on an ongoing DFS investigation of companies that created and perpetuated the opioid crisis. According to the release, “The DFS’ statement of charges alleges that, like other opioid manufacturers, Endo . . . knowingly furthered a false narrative to legitimize opioids as appropriate for broad treatment of pain by downplaying their long-known addictive nature and risks”; “misrepresented the safety and efficacy of opioids, without legitimate scientific substantiation”; and “deployed a large sales force to target healthcare providers directly with these misrepresentations.”
On this news, the Company’s share price fell $0.66, or over 14%, to close at $3.85 per share on June 10, 2020, thereby injuring investors.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) that 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 as well as the fraud that Defendants perpetrated on the New York insurance market; (ii) that Endo had disseminated 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.
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If you purchased Endo securities during the Class Period, you may move the Court no later than August 18, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Endo securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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