According to the Complaint, Endo International plc manufactures and sells generic and branded pharmaceuticals in the U.S. and internationally, including both generic and branded opioid products. The Company sells its branded pharmaceuticals and generics to specialty physicians, retailers, clinics, government agencies, doctors, retail and specialty pharmacies, and specialty distributors.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose: (i) the full scope of Endo’s and/or its subsidiaries’ contributions to the opioid crisis, including, but not limited to, their opioid products’ disproportionately negative impact on New York, one of the most populous states in the U.S., as well as the fraud that Defendants perpetrated on the New York insurance market; (ii) part of that contribution to the crisis included Endo publishing and disseminating false information to health care providers regarding the risks and benefits of opioids; (iii) that the foregoing, once revealed, was foreseeably likely to subject Endo and/or its subsidiaries to increased regulatory scrutiny and enforcement, as well as significant financial and/or reputational harm, particularly with respect to New York; and (iv) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
On September 28, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 27. Defendants filed a Motion to Dismiss the amended Complaint on January 26, 2021. On August 31, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.
On November 15, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on January 14, 2022. On August 17, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.