In the past month the Endo International Plc (NASDAQ:ENDP) stock has been in the midst of a heavy selloff and during that period, the stock has declined by as much as 52%.
While there has been no news about the company so far this month, the decline may be related to the setback that the company received with regards to the patent infringement case against Eagle Pharmaceuticals Inc back on August 31. At the time, the United States District Court for the District of Delaware observed that Eagle Pharmaceuticals’ product VASOSTRICT product was not in violation of patents that belong to Endo.
It goes without saying that it was a significant setback for the company and that became apparent in the price action in the Endo stock as well. The Chief Legal Officer and Executive Vice President of the company Matthew J. Maletta spoke about the development as well.
He stated that the company was disappointed with the ruling and was not in agreement with the decision from the court. However, investors need to keep in mind that he went on to state that Endo was going to appeal against the decision from the court and hence, the whole thing might not yet be over.