According to the law firm press release, 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 regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) 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) 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; (iv) 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; (v) for the foregoing reasons, Endo’s revenues during the Class Period were in part the result of illegal conduct and likewise unsustainable; and (vi) as a result of the foregoing, Endo’s public statements were materially false and misleading at all relevant times.
On June 19, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 6. Defendants filed a Motion to Dismiss the amended Complaint on September 14. On February 14, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Lead Plaintiff filed a Motion for Class Certification on June 26.
On February 4, 2021, the Court replaced Lead Plaintiff and Counsel. On May 20, the Court issued an Order certifying a Class. On October 15, the parties entered into a Stipulation of Settlement.