According to the law firm press release, Endo develops, manufactures, and distributes pharmaceutical products and devices worldwide. The Company’s U.S. Generic Pharmaceuticals segment provides tablets, capsules, powders, injectables, liquids, nasal sprays, ophthalmics, and transdermal patches for pain management, urology, central nervous system disorders, immunosuppression, oncology, women’s health, and cardiovascular disease markets. Endo sells its branded pharmaceuticals and generics directly, as well as through wholesale drug distributors.
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 Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Endo’s subsidiary, Par Pharmaceutical, had colluded with several of its industry peers to fix generic drug prices; (ii) the foregoing conduct constituted a violation of federal antitrust laws; (iii) consequently, Endo’s revenues during the Class Period were in part the result of illegal conduct; and (iv) 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.
On this news, Endo’s share price fell $3.54, or 19.48%, to close at $14.63 on November 3, 2016.
This action was voluntarily dismissed on December 6, 2016.