Endo Shares Move Higher On Settlement Of New York State Opioid Cases
- Endo International plc (NASDAQ: ENDP) has agreed to pay $50 million to resolve lawsuits by New York state and two of its largest counties related to the sale and marketing of opioids.
- Endo said the settlement includes no admission of wrongdoing by Endo or its subsidiaries.
- The settlement severs Endo from an ongoing trial in lawsuits by New York Attorney General Letitia James and Suffolk and Nassau counties.
- The deal came after McKesson Corporation (NYSE: MCK), AmerisourceBergen Corp (NYSE: ABC), Cardinal Health Inc (NYSE: CAH), and Johnson & Johnson (NYSE: JNJ) said they would move forward with a proposed $26 billion settlement resolving opioid cases against them.
- Related Content: Opioid Settlement Of $26B Between Drug Companies, States.
- In July, Endo agreed to pay $35 million to settle a lawsuit by Tennessee local governments.
- Last month, Wall Street Journal reported that Endo engaged Alvarez & Marsal to look into a potential financial restructuring.
- Price Action: ENDP stock is up 15.20% at $2.42 during the premarket session on the last check Friday.
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