ENDP Stock Increased Over 27% Intraday: Why It Happened

By Amit Chowdhry ● July 20, 2021
  • The stock price of Endo International PLC (NASDAQ: ENDP) increased by over 27% during intraday trading. This is why it happened.

The stock price of Endo International PLC (NASDAQ: ENDP) increased by over 27% during intraday trading. Investors are responding positively to a WJHL report that days before jury selection was set to start in the Baby Doe opioid trial, Endo Pharmaceuticals made a settlement offer to the counties involved in Northeast Tennessee.

According to a notice from Sullivan County Mayor Richard Venable’s office, the Sullivan County Executive Committee plans to hold a public meeting on tomorrow to “review pending litigation.” The meeting will occur at 3:30 p.m. in the Commission Room of the Sullivan County Courthouse.

Staubus is going to be in attendance at the Executive Committee meeting to discuss the settlement. And Washington County officials confirmed they also scheduled a similar meeting for 6 p.m. on the same day. Greene County is also expected to have a similar meeting.

And if all the counties and cities involved in the trial approve the settlement, then the trial will not continue. The plaintiffs in the Baby Doe trial are government entities and an infant born drug-dependent being called “Baby Doe.” 

About four years ago, 3 local prosecutors had filed a lawsuit against Endo, Purdue Pharma, and Mallinckrodt.

The Tennessee Supreme Court had ruled last year that even though pharmaceutical companies could be held liable for harm to infants through opioid use of mothers, the district attorneys cannot sue those companies.

Purdue and Mallinckrodt had filed bankruptcy, which left Endo as the only corporate defendant. And the trial is expected to start on July 26 otherwise.

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