Endo International plc (Nasdaq: ENDP)
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Endo International plc (NASDAQ: ENDP) common stock during the period between March 2, 2015 to May 6, 2016, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that Endo Pharmaceuticals’ arrangements with PBMs with respect to its migraine therapy, Frova, included questionable incentives intended to increase sales revenues and, as a consequence, Endo’s revenues and revenue projections relied in part on unsustainable arrangements. As a result of defendants’ false statements and/or omissions during the Class Period, Endo’s shares traded at artificially inflated prices of close to $95 per share.
On May 5, 2016, Endo announced its financial and operating results for the quarter ended March 31, 2016. Endo reported a loss of $0.40 per diluted share, down from earnings of $0.11 per share in the first quarter of 2015. Additionally, Endo significantly cut its 2016 guidance, announcing targeted revenue in the range of $3.87 billion to $4.03 billion, down from the range of $4.32 billion to $4.52 billion that the Company had reaffirmed in March, less than two months earlier. Concurrently, the Company announced changes to its board and management structure, including the resignation of Brian Lortie, President of the Company’s U.S. Branded Pharmaceuticals segment, pending selection of his replacement. On this news, Endo’s stock price fell $10.42 per share, or 39%, to close at $16.17 per share on May 6, 2016.
Then on May 6, 2016, after the market closed, Endo filed its Form 10-Q for the quarter ended March 31, 2016. In the 10-Q, Endo reiterated the financial and operating results announced the previous day. Endo’s stock price fell an additional $0.90 per share, or more than 5%, to close at $15.27 per share on May 9, 2016, the next trading day. In total, between May 5, 2016 and May 9, 2016, the Company’s stock price fell $11.32 per share, or more than 42%.
If you are a current shareholder and/or purchased stock between March 2, 2015 to May 6, 2016, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.