Endo International plc (NASDAQ:ENDP) was up 12% on Friday and 48% in a month. Recently the company entered an agreement in principle for the settlement of opioid-linked cases and claims of Louisiana and other governmental entities and persons in exchange for a $7.5 million payment.
This settlement and the payment are subject to 100% participation by political subdivisions in the state and execution of the definitive documentation. However, the settlement includes no admission of the company’s fault, wrongdoing, or liability, and its value shouldn’t be generalized to other opioid-linked claims or cases.
The company’s chief Legal Officer and Executive VP Matthew Maletta said they are delighted to reach the agreement in principle with the State Attorney General’s office to settle governmental opioid-related claims and cases. Maletta noted that the constructive approach by the attorney General’s office offers a chance for expedited negotiations and resolution. After necessary political subdivision is attained, funds will immediately be delivered to the state to help address the opioid crisis. ENDP is worth keeping an eye on in the coming weeks.
Market Reaction:
On Friday, ENDP stock increased 11.81% at $4.0700 with more than 9 million shares, compared to its average volume of 11 million shares. The stock has moved within a range of $3.6000 – 4.1400 after opening the trade at $3.6600.
