Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Endo International (NASDAQ:ENDP) in connection to alleged violations of securities laws by ENDP. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Endo International between September 28, 2015 and February 28, 2017.
The class action complaint specifically alleges that during the period in question, ENDP might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that Par Pharmaceutical Holdings, a generic drug manufacturer and distributor which the company recently acquired, had participated in collusion with several other pharmaceutical companies to fix the prices of generic drugs; that in so doing, the company violated federal antitrust laws; and that though the company had informed its shareholders that the acquisition of Par constituted “a compelling opportunity to drive future double-digit growth, serve our customers and build shareholder value,” these benefits resulted from Par’s collusion activities, and were therefore not sustainable in the long term; that though Endo had praised Par Pharmaceutical’s chief executive, Paul Campanelli, for his “impressive track record of delivering strong operating results,” these too were the result of collusion and not sustainable in the long term; that consequently the company’s revenues during the relevant period were partially resulting from illegal activities; and that consequently the company’s statements to the public during the relevant period were false and misleading.
When reports surfaced in November 2016 that prosecutors were mulling criminal charges against Par Pharmaceutical and other companies, in connection to the alleged collusion, Endo’s stock dropped. When Endo made a financial filing in March, 2017 reporting its financial and operating results for the previous year, and reflecting a net loss of $3.35 billion relating to its inflated revenues, its stock dropped as well. On October 31, 2017, 46 state attorneys general, as well as the attorney general for the District of Columbia, amended an existing antitrust case to include Par Pharmaceutical, which then was a wholly owned subsidiary of Endo International. The case alleges that the companies in question violated the law by fixing prices of generic drugs.
According to the company’s website, Endo International is a generics and specialty branded pharmaceutical company “delivering quality medicines through excellence in development, manufacturing and commercialization.” It is headquartered in Dublin, Ireland and in Malvern, Pennsylvania and employs approximately 3,400 people around the world.
A class action lawsuit has already been filed in connection with Endo International. If you wish to serve as lead plaintiff in the ENDP lawsuit, you must move the Court no later than January 16, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.