Why Endo International (ENDP) Stock Is Plunging On Friday?

Shares of Endo International ENDP came in crashing after The Wall Street Journal reported that the drugmaker had engaged Alvarez & Marsal to look into a potential financial restructuring.
The report of a potential restructuring is only the latest of woes Endo has faced related to a flood of opioid-related lawsuits.
Endo hasn't confirmed that it hired a financial restructuring advisor. However, the Journal stated that Endo brought in Alvarez & Marsal to explore options for reducing its litigation-related liabilities and debt load of more than $8 billion.
The company and Alvarez didn't immediately respond to requests for comment.
As of July, nearly 3,000 legal cases were pending against Endo from states, counties, cities, Native American tribes, and over 300 lawsuits from healthcare institutions.
Related: Opioid Settlement Of $26B Between Drug Companies, States.
Price Action: ENDP shares are down 35.7% at $2.29 during the market session on the last check Friday.