Endo Shares Move Higher On Settlement Of New York State Opioid Cases

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  • Endo International plc 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 MCKAmerisourceBergen Corp ABCCardinal Health Inc CAH, and Johnson & Johnson 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.
Posted In: BiotechLong IdeasNewsPenny StocksHealth CareSmall CapLegalMoversTrading IdeasGeneralBriefsHealth CareHealth Care DistributorsOpioids
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