What happened
Shares of Endo International (ENDP) were skyrocketing 43.8% higher as of 11:15 a.m. EDT on Friday. The huge gain came after the company announced on Thursday that it has settled opioid-related litigation in New York.
So what
Endo stated that it and its subsidiaries reached a settlement in three consolidated cases related to the company's marketing and sale of opioid medications. The company agreed to pay $50 million with "no admission of wrongdoing, fault or liability of any kind."
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As evidenced by the big gain for the pharmaceutical stock, this settlement was received enthusiastically by investors. Endo's cost could have been much greater had the jury reached a decision against the company.
Now what
Endo still faces other opioid-related lawsuits. The company hopes to reach a global settlement that puts all of them to rest.
