Endo International (ENDP) - Get Report tumbled Friday after the pharmaceutical company reportedly engaged a financial restructuring advisor to help evaluate its options for dealing with thousands of opioid-related lawsuits.
Shares of the Dublin-based company were down nearly 29% to $2.54 on Friday
Endo engaged consulting firm Alvarez & Marsal Holdings LLC to advise on options that could include a balance-sheet restructuring that would address the company’s liability from litigation around its opioid drugs, as well as its more than $8 billion in debt, The Wall Street Journal said, citing people familiar with the matter.
As of July, there were nearly 3,000 legal cases pending against Endo from states, counties, cities and Native American tribes over opioids, as well as more than 300 lawsuits from hospitals, health systems, unions, and health or welfare funds.
https://www.thestreet.com/investing/endo-endp-stock-opioid-case-restructuring-adviser
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