Robbins LLP: Endo International plc (ENDP) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Endo International plc (NASDAQGS: ENDP) in the U.S. District Court for the Southern District of New York. The complaint is brought on behalf of all purchasers of Endo securities between September 28, 2015 and November 2, 2016, for alleged violations of the Securities Exchange Act of 1934 by Endo’s officers and directors. Endo develops, manufactures, and distributes pharmaceutical products and devices worldwide.
Endo Accused of Colluding to Fix Drug Prices
According to the complaint, on September 28, 2015, Endo announced that it had completed its $8.05 billion acquisition of Par Pharmaceutical Holdings, Inc. (“Par”) from the private investment firm TPG. Endo subsequently submitted several filings with the U.S. Securities and Exchange Commission stating that the company’s financial information was accurate and disclosed any material changes to the company’s internal control over financial reporting. Endo further touted its purported strengths, stating, “We believe our comprehensive suite of technology, manufacturing and development capabilities increases the likelihood of success in commercializing high-barrier-to-entry products … yielding more sustainable market share and profitability.”
The complaint alleges that Endo officials failed to disclose that: (i) Endo’s subsidiary, Par, had colluded with several of its industry peers to fix generic drug prices; (ii) the foregoing conduct constituted a violation of federal antitrust laws; and (iii) consequently, Endo’s revenues were in part the result of illegal conduct. On November 3, 2016, media outlets reported that U.S. prosecutors were considering filing criminal charges by the end of 2016 against Par and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices. On this news, Endo’s stock fell $3.54 per share, or 19.48%, to close at $14.63 per share on November 3, 2016.
Endo Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.