WILMINGTON, Del., June 02, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Endo International plc (NASDAQ:ENDP)?
- Did you purchase your shares between March 2, 2015 and May 6, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Endo International plc (“Endo” or the “Company”) (NASDAQ:ENDP) between March 2, 2015 and May 6, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Endo during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/endo-international-plc-endp.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) Endo Pharmaceuticals’ arrangements with pharmacy benefit managers (“PBMs”) with respect to the migraine therapy Frova included questionable incentives intended to increase sales revenues; (2) consequently, Endo’s revenues and revenue projections relied in part on unsustainable arrangements; and (3) as a result of the foregoing, Defendants’ statements about Endo’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on May 5, 2016, after the market closed, Endo filed a Current Report on Form 8-K with the SEC and issued a press release announcing the Company’s financial and operating results for the quarter ended March 31, 2016 (the “Q1 2015 Earnings Release”). In the Q1 2015 Earnings Release, Endo reported a loss of $0.40 per diluted share, down from earnings of $0.11 per share in the first quarter of 2015. Additionally, Endo significantly cut its 2016 guidance, announcing targeted revenue in the range of $3.87 billion and $4.03 billion, down from the range of $4.32 billion to $4.52 billion that the Company had reaffirmed in March, less than two months earlier. Concurrently, the Company announced changes to its board and management structure, including the resignation of Brian Lortie, President of the Company’s U.S. Branded Pharmaceuticals segment, pending selection of his replacement.
On this news, shares of Endo dropped almost 40%, closing at $16.17 per share on May 6, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 25, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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