Endo Shares Move Higher On Settlement Of New York State Opioid Cases

Endo International plc ENDP has agreed to pay $50 million to resolve lawsuits by New York state and two of its largest counties related to the sale and marketing of opioids.
Endo said the settlement includes no admission of wrongdoing by Endo or its subsidiaries.
The settlement severs Endo from an ongoing trial in lawsuits by New York Attorney General Letitia James and Suffolk and Nassau counties.
The deal came after McKesson Corporation MCK, AmerisourceBergen Corp ABC, Cardinal Health Inc CAH, and Johnson & Johnson JNJ said they would move forward with a proposed $26 billion settlement resolving opioid cases against them.
Related Content: Opioid Settlement Of $26B Between Drug Companies, States.
In July, Endo agreed to pay $35 million to settle a lawsuit by Tennessee local governments.
Last month, Wall Street Journal reported that Endo engaged Alvarez & Marsal to look into a potential financial restructuring.
Price Action: ENDP stock is up 15.20% at $2.42 during the premarket session on the last check Friday.