According to the law firm press release, Endo International PLC ("Endo") is a Global specialty healthcare company focused on branded and generic pharmaceuticals and devices. Endo has global headquarters in Dublin, Ireland and U.S. headquarters in Malvern, Pennsylvania. Endo commenced operations in 1997 by acquiring certain pharmaceutical products, related rights and assets from The DuPont Merck Pharmaceutical Company. Since that time, the Company has expanded to include the following business segments: U.S. Branded Pharmaceuticals, U.S. Generic Pharmaceuticals and International Pharmaceuticals. Endo employs approximately 4,900 people worldwide.
One of the Company's branded pharmaceuticals is Opana ER ("Opana"), an opioid analgesic indicated for the management of severe pain that requires daily opioid treatment and for which alternative treatment options are ineffective.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose material information regarding Opana. In particular, the complaint alleges that the Company made materially false and/or misleading statements and/or failed to disclose that: (1) Reformulated Opana was not resistant to crushing; (2) Reformulated Opana was not abuse-deterrent and its use carried an inherent risk of abuse by grinding, snorting, or injecting; (3) Reformulated Opana was contributing to an opioid public health crisis; and (4) Endo would ultimately remove Reformulated Opana from the market.
On December 4, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 5, 2018. Defendants filed a Motion to Dismiss the amended Complaint on April 2. On December 10, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
On May 22, 2019, Lead Plaintiff filed a Motion for Class Certification. On May 23, the Court issued an Order dismissing two counts of the amended Complaint. On August 22, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order granting preliminary approval of the Settlement on September 10. On December 13, the Court granted final approval of the Settlement and entered Final Judgment.