Investigation of Endo International Plc
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Endo International Plc (ENDP) Under Investigation by New York Department of Financial Services (DFS)
On June 10, 2020, the New York Department of Financial Services (“DFS”) announced that it had filed charges against the Company and its subsidiaries in connection with the opioid crisis. DFS claims that Endo “[k]nowingly furthered a false narrative to legitimize opioids as appropriate for broad treatment of pain by downplaying their long-known addictive nature and risks”; “[m]isrepresented the safety and efficacy of opioids, without legitimate scientific substantiation”; and “[d]eployed a large sales force to target healthcare providers directly with these misrepresentations.” On this news, Endo’s stock price fell over 14% to close at $3.85. The stock has yet to recover.