Endo International Shares Sink on Bankruptcy Disclosure

Dow Jones

Aug 09, 2022

By Dean Seal

Shares of Endo International Plc fell 33.8% to 44 cents in early trading after the company said it would likely soon file for bankruptcy.

The pharmaceutical manufacturer, which is facing thousands of lawsuits over its alleged role in the opioid addiction crisis, said Tuesday that it is in talks with lenders that are expected to lead to a deal in which it files for chapter 11 bankruptcy.

Endo said it is also in discussions with some opioid litigants and other creditors, but didn't say whether it is nearing a deal with them.

The Wall Street Journal reported last month that the company was moving toward a bankruptcy filing without an agreement in place with the various states, municipalities and other plaintiffs accusing it of fueling the opioid addiction epidemic. Endo has denied liability in connection with the opioid crisis.

Write to Dean Seal at dean.seal@wsj.com

$(END)$ Dow Jones Newswires

August 09, 2022 11:02 ET (15:02 GMT)

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