Why Endo International (ENDP) Stock Is Plunging On Friday?
- Shares of Endo International (NASDAQ: ENDP) came in crashing after The Wall Street Journal reported that the drugmaker had engaged Alvarez & Marsal to look into a potential financial restructuring.
- The report of a potential restructuring is only the latest of woes Endo has faced related to a flood of opioid-related lawsuits.
- Endo hasn't confirmed that it hired a financial restructuring advisor. However, the Journal stated that Endo brought in Alvarez & Marsal to explore options for reducing its litigation-related liabilities and debt load of more than $8 billion.
- The company and Alvarez didn't immediately respond to requests for comment.
- As of July, nearly 3,000 legal cases were pending against Endo from states, counties, cities, Native American tribes, and over 300 lawsuits from healthcare institutions.
- Related: Opioid Settlement Of $26B Between Drug Companies, States.
- Price Action: ENDP shares are down 35.7% at $2.29 during the market session on the last check Friday.
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