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SHAREHOLDER ALERT - Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action Against Endo International plc (ENDP) & Lead Plaintiff Deadline - January 16, 2018

/EIN News/ -- NEW YORK, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Endo International plc (“Endo” or the “Company”) (NASDAQ:ENDP) securities and certain of its officers, on behalf of a class who purchased Endo between September 28, 2015, and February 28, 2017, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/endp

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws. 

Endo International plc provides specialty healthcare solutions. The Company develops, manufactures, markets, and distributes pharmaceutical products and generic drugs. Endo International offers its products to the medical and healthcare industries around the globe.

On September 28, 2015, Endo announced that it had completed its $8.05 billion acquisition of Par Pharmaceutical Holdings, Inc. (“Par Pharmaceutical”) from the private investment firm TPG (the “Par Pharmaceutical Acquisition”).  Par Pharmaceutical Companies Inc. is a manufacturer and distributor of generic drugs and operates as a subsidiary of Par Pharmaceutical.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Par Pharmaceutical had colluded with several of its industry peers to fix generic drug prices; (2) the foregoing conduct constituted a violation of federal antitrust laws; (3) the competitive advantages of the Par Pharmaceutical Acquisition, which Endo touted to its shareholders as, inter alia, “a compelling opportunity to drive future double-digit growth, serve our customers and build shareholder value,” were in fact derived in part from Par Pharmaceutical’s illegal conduct and thus unsustainable; (4) for the same reasons, the “impressive track record of delivering strong operating results” that Endo attributed to former Par Pharmaceutical executive Paul Campanelli in announcing his promotion to Endo’s CEO consisted in part of illegal conduct; (5) for the foregoing reasons, Endo’s revenues during the Class Period were in part the result of illegal conduct and likewise unsustainable; and (6) as a result of the foregoing, Endo’s public statements were materially false and misleading at all relevant times.

On November 3, 2016, media outlets reported that U.S. prosecutors were considering filing criminal charges by the end of 2016 against Par Pharmaceutical and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices. Following this news, Endo stock dropped $3.54 per share, or 19.48%, to close at $14.63 on November 3, 2016.

On March 1, 2017, Endo filed an Annual Report on Form 10-K with the SEC, reporting in full its financial and operating results for the quarter and year ended December 31, 2016.  Reflecting the extent to which Par Pharmaceutical’s allegedly unlawful conduct had previously inflated Endo’s revenues, the Company reported a net loss of $3.35 billion, or $15.03 per diluted share, on revenue of $4.01 billion, citing, in part, a 27% increase in cost of revenues and a decrease in gross margins from 36% in 2015 to 34% in 2016. Following this news, Endo stock dropped $0.83 per share, or 6.08%, to close at $12.82 on March 1, 2017.

On October 31, 2017, attorneys general from 46 states and the District of Columbia amended their antitrust case on generic drug price-fixing conspiracy against the $75 billion generic drug industry to add 18 new companies, including Endo’s wholly-owned subsidiary Par Pharmaceutical Companies, Inc.  The states allege these companies violated antitrust laws to artificially inflate the prices of the drugs by agreeing to “collectively raise and/or maintain prices for a particular generic drug,” and agreeing to divvy up the market for the drugs to reduce competition by “refusing to bid for particular customers or by providing a cover bid that they knew would not be successful.” This in effect “avoided price erosion” and “increased pricing for targeted products without triggering a ‘fight to the bottom’ among existing competitors.” 

The amended complaint alleges, these companies conspired to unreasonably restrain trade, artificially inflate and reduce competition in the generic pharmaceutical industry for the markets of fifteen generic drugs: Acetazolamide, Doxycycline Hyclate Delayed Release, Doxycycline Monohydrate, Fosinopril-Hydrochlorothiazide, Glipizide-Metformin, Glyburide, Glyburide-Metformin, Leflunomide, Meprobamate, Nimodipine, Nystatin, Paromomycin, Theophylline, Verapamil and Zoledronic Acid, and as a result, “[p]rices for dozens of generic drugs have risen – while some have skyrocketed, without explanation, sparking outrage from politicians, payers, and consumers across the country whose costs have doubled, tripled, or even increased 1,000% or more.” 

 A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/endp or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Endo you have until January 16, 2018 to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

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Distribution channels: Consumer Goods, Law


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