Endo investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Endo is a Global specialty healthcare company focused on branded and generic pharmaceuticals and devices. One of the Company’s branded pharmaceuticals is Opana ER (“Opana”), which is an opioid analgesic indicated for the management of severe pain that requires daily opioid treatment and for which alternative treatment options are ineffective. In December 2011, the U.S. Food and Drug Administration (“FDA”) approved a reformulated version of Opana designed to be crush resistant (“Reformulated Opana”). As such, Reformulated Opana was purportedly resistant to accidental or intentional abuse by snorting or injecting.
The Class Period commences on November 30, 2012, when Endo filed a complaint against the FDA, urging its determination before the upcoming January 1, 2013 release of a generic drug in the market (“2012 Complaint”). The 2012 Complaint stated in relevant part: “The current formulation of Opana® ER is designed to be crush resistant (“Opana® ER CRF”), and thus offers significant safety advantages over the Original Formulation.
Starting February 29, 2016, the Company’s share price declined in response to a series of adverse developments with respect to Opana.
At the end of the Class Period, on July 6, 2017, the Company issued a press release announcing that the Company decided to remove Reformulated Opana from the market. The Company stated in relevant part, “after careful consideration and consultation with the FDA, the Company has decided to voluntarily remove OPANA® ER from the market.”
Following this news, the price per share of Endo’s common stock fell $0.22 per share, or approximately 2%, from a closing price of $11.39 on July 5, 2017, to close at $11.15 per share on July 06, 2017.
The complaint alleges that throughout the Class Period, the defendants publicly issued materially false and misleading statements and omitted material facts necessary to make the defendants’ statements not false or misleading, causing Endo’s securities to be artificially inflated.
If you are a member of the class described above, you may no later than October 17, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
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