Endo Announces Execution of Definitive Settlement Agreement and Release Resolving Tennessee State Court Case
Endo International plc (NASDAQ: ENDP) announced a definitive Settlement Agreement resolving an opioid-related case, Staubus, et al. v. Purdue Pharma, L.P., et al., in Sullivan County, Tennessee. The settlement, totaling $35 million, resolves all related claims from nine counties and eighteen towns, with no admission of wrongdoing by Endo. This agreement is designed to absolve Endo from related lawsuits but should not set a precedent for other claims. The financial impact is significant, although details regarding how the payment will be distributed among plaintiffs were not disclosed.
- Settlement of $35 million resolves all opioid-related claims in the Staubus case, potentially reducing legal risks.
- No admission of wrongdoing, which may help maintain Endo's reputation.
- The $35 million payment may strain cash flow or financial resources.
- Ongoing litigation risks could continue to affect investor sentiment.
DUBLIN, Aug. 4, 2021 /PRNewswire/ -- Endo International plc (NASDAQ: ENDP) today announced that its wholly-owned subsidiaries Endo Health Solutions Inc. and Endo Pharmaceuticals Inc. (collectively, "Endo") have executed a definitive Settlement Agreement and Release (the "Settlement Agreement") resolving an opioid-related case originally captioned as Staubus, et al. v. Purdue Pharma, L.P., et al., Case No. C-41916, in the Circuit Court for Sullivan County, Tennessee.
The Staubus case involved claims by nine counties in eastern Tennessee, eighteen cities and towns within those counties and one individual plaintiff. The Settlement Agreement resolves all opioid-related claims that were or could have been asserted by the plaintiffs, in the Staubus case or elsewhere, in exchange for a total payment by Endo of
About Endo International plc
Endo (NASDAQ: ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from a global team of passionate employees collaborating to bring the best treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them. Learn more at www.endo.com or connect with us on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release may be considered "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation including, but not limited to, the statements relating to the status and outcome of litigation or settlement discussions. All forward-looking statements in this press release reflect Endo's current expectations of future events based on information available to Endo as of the date of this press release. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Endo's expectations and projections, including with respect to the impact of any litigation, investigation or settlement proceeding on our financial statements, including our cash flows from operations; our ability to adjust to changing market conditions; our ability to attract and retain key personnel; our ability to maintain compliance with our financial obligations under certain of our outstanding debt obligations, causing a downgrade of our debt and long-term corporate ratings (which could increase our cost of capital) and exposing us to potential events of default (if not cured or waived) under financial and operating covenants contained in our or our subsidiaries' outstanding indebtedness; our ability to incur additional borrowings under the covenants in our then-existing facilities or to obtain additional debt or equity financing for working capital, capital expenditures, business development, debt service requirements, acquisitions or general corporate or other purposes, or to refinance our indebtedness; and/or a significant reduction in our short-term and long-term revenues and/or otherwise cause us to be unable to fund our operations and liquidity needs, such as future capital expenditures and payment of our indebtedness. The occurrence or possibility of any such result may cause us to engage in a strategic review that ultimately results in our pursuing one or more significant corporate transactions or remedial measures. Other risks and uncertainties include general industry and market conditions; technological advances and patents attained by competitors; challenges inherent in the research and development and regulatory processes, including regulatory decisions, product recalls, withdrawals and other unusual items; challenges related to product marketing, such as the unpredictability of market acceptance for new products and/or the acceptance of new indications for such products; inconsistency of treatment results among patients; potential difficulties in manufacturing; general economic conditions; and governmental laws and regulations affecting domestic and foreign operations. Endo expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. Additional information concerning these and other risk factors can be found in Endo's periodic reports filed with the U.S. Securities and Exchange Commission and in Canada on the System for Electronic Data Analysis and Retrieval, including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K.
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SOURCE Endo International plc
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