Endo Announces Favorable Final Ruling in California State Court Opioid Trial

Rhea-AI Summary

Endo International plc (NASDAQ: ENDP) announced a favorable ruling from a California trial court, concluding that it and its subsidiaries are not liable in a public nuisance case regarding opioid medications. The case was filed in 2014 by California counties, and the court found that plaintiffs failed to prove misleading marketing or a causal link between Endo's marketing and opioid abuse. Endo's leadership emphasizes their commitment to addressing the opioid crisis through collaboration.

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• California trial court ruling favors Endo, eliminating liability in opioid case.

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DUBLIN, Dec. 15, 2021 /PRNewswire/ -- Endo International plc (NASDAQ: ENDP) ("Endo") today announced that one of the first public nuisance cases filed against manufacturers of prescription opioid medications has ended with a California trial court issuing a final ruling that the defendants, including Endo's wholly-owned subsidiaries Endo Health Solutions Inc. (EHSI) and Endo Pharmaceuticals Inc. (EPI), are not liable.

"We are very pleased with the trial court's final ruling and agree with its conclusion that the plaintiffs failed to present evidence demonstrating false or misleading marketing by Endo or a plausible causal link between Endo's marketing and opioid abuse and misuse," said Matthew J. Maletta, Executive Vice President and Chief Legal Officer of Endo. "We are deeply concerned about the opioid abuse crisis and believe this crisis can only be solved through intensive collaboration among the multiple stakeholders. We remain committed to working collaboratively on a comprehensive solution to the opioid abuse crisis and to continuing Endo's longstanding mission of developing and delivering life-enhancing products through focused execution."

The case was filed in 2014 on behalf of the People of the State of California by Orange and Santa Clara Counties as Case No. 30-2014-00725287-CU-BT-CXC.  Los Angeles County and the City of Oakland later joined as plaintiffs.  

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 passionate team members around the globe 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 by Mr. Maletta and any statements relating to the status or outcome of litigation or settlement discussions. Statements including words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "plan," "will," "may," "look forward," "intend," "future," "potential" or similar expressions are forward-looking statements. All forward-looking statements in this press release reflect Endo's current expectations of future events based on existing trends and information and represent Endo's judgment only as of the date of this press release. Actual results may differ materially and adversely from current expectations based on a number of factors affecting Endo's businesses, including, among other things, the following: the outcome of our strategic review, contingency planning and any potential restructuring; the timing, impact or results of any pending or future litigation, investigations or claims or actual or contingent liabilities, settlement discussions, negotiations or other adverse proceedings; our ability to satisfy judgments or settlements or pursue appeals including bonding requirements; our ability to adjust to changing market conditions; our ability to attract and retain key personnel; our inability to maintain compliance with financial covenants and operating obligations which would expose us to potential events of default under our outstanding indebtedness; our ability to incur additional debt or equity financing for working capital, capital expenditures, business development, debt service requirements, acquisitions or general corporate or other purposes; our ability to refinance our indebtedness; a significant reduction in our short-term or long-term revenues which could cause us to be unable to fund our operations and liquidity needs or repay indebtedness. The occurrence or possibility of any such result has caused us to engage, and may result in further engagement in strategic reviews that ultimately may result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. Those remedial measures could include a potential corporate reorganization, restructuring or bankruptcy filing involving all or a portion of our business, asset sales or other divestitures, cost-saving initiatives, corporate realignments or strategic partnerships. Some of these measures could take significant time to implement and others may require judicial or other third-party approval. Any such actions may be complex, could entail significant costs and charges or could otherwise negatively impact shareholder value, and there can be no assurance that we will be able to accomplish any of these alternatives on terms acceptable to us, or at all, or that they will result in their intended benefits. Therefore, the reader is cautioned not to rely on these forward-looking statements. Endo expressly disclaims any intent or obligation to update these forward-looking statements, except as required to do so by law. Additional information concerning risk factors, including those referenced above, can be found in press releases issued by Endo, as well as Endo's public periodic filings with the U.S. Securities and Exchange Commission and with securities regulators in Canada, including the discussion under the heading "Risk Factors" in Endo's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or other filings with the U.S. Securities and Exchange Commission.

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SOURCE Endo International plc

FAQ

What was the outcome of the Endo opioid case in California?

Endo won the case as the California trial court ruled it is not liable for public nuisance related to opioid medications.

When was the Endo opioid lawsuit filed?

The lawsuit was filed in 2014 by several California counties.

What is the stock symbol for Endo International?

Endo International trades under the stock symbol ENDP on NASDAQ.

What did Endo's Chief Legal Officer say about the court's ruling?

Matthew J. Maletta stated that the ruling showed plaintiffs failed to provide evidence of misleading marketing by Endo.

What is Endo's position on the opioid crisis?

Endo remains committed to working collaboratively towards solutions to the opioid crisis.