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

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Vandana Singh
·1 min read
In this article:
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  • Shares of Endo International (NASDAQ: 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 B Between Drug Companies, States.

  • Price Action: ENDP shares are down 35.7% at $2.29 during the market session on the last check Friday.

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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