BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Endo International plc ("Endo" or "the Company") (NASDAQ: ENDP) securities 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.
Investors suffering losses on their Endo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On June 10, 2020, the New York Department of Financial Services (“DFS”) announced that it “has filed charges and initiated administrative proceedings against Endo International plc” and certain of its subsidiaries in connection with “DFS’ ongoing investigation into the entities that created and perpetuated the opioid crisis.” According to the DFS press release, “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”; “[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, the Company’s share price fell $0.66, or nearly 15%, to close at $3.85 per share on June 10, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) 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, one of the most populous states in the U.S., as well as the fraud that Defendants perpetrated on the New York insurance market; (2) that 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; (3) 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 (4) that, as a result, the Company's public statements were materially false and misleading at all relevant times.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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