Endo International (NASDAQ:ENDP) Stock Attempts To Recover From The Recent Sell-Off
Stocks of Endo International (NASDAQ:ENDP) surged by 25% on Tuesday as investors expect the firm would be reaching a settlement with a number of Tennessee counties engaged in an opioid-related lawsuit.
Tennessee News Channel 11 was informed by District Attorney General Barry Staubusthat Endo has given an offer for settling the case. Selection of the jury will be in some days, with officials in Greene, Sullivan, and Washington counties expected to have meetings the next days for reviewing the offer.
Endo did not announced any financial details pertaining to the settlement and neither did it issue any public statement. The firm on July 15 had said it was exploring all possible legal options in the case. Investors continue to be sanguine about the firm’s prospects of avoiding a trial and is the only defendant in the litigation, which hasn’t been put for bankruptcy.
The firm reaching a settlement with Tennessee counties may be partial relief but it will still reel under legal battles pertaining to the opioid drugs. New York Attorney General Letitia James said that three major drug distributors settled with the state of New York as well as two counties in the state but a trial remains with Endo and two other drugmakers.
Market Reaction:
On Tuesday, ENDP stock jumped 24.70% at $4.19 with more than 40.21 million shares, compared to its average volume of 3.95 million shares. The stock has moved within a range of $3.4500 – 4.5900 after opening the trade at $3.50. Over the past 52-week, the stock has been trading within a range of $2.7100 – 10.8900.
