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Investigations  /  11.30.2017

Endo International plc

Endo Accused of Colluding to Fix Drug Prices

According to a class action complaint filed on behalf of purchasers of Endo securities between September 28, 2015 and February 28, 2017, on September 28, 2015, Endo announced that it had completed its $8.05 billion acquisition of Par Pharmaceutical Holdings, Inc. (“Par”) from the private investment firm TPG. Endo officials failed to disclose that Par had colluded with several of its industry peers to fix generic drug prices, which was a violation of federal antitrust laws, and that as a result, Endo’s revenues were in part the result of illegal conduct. On November 3, 2016, Endo’s share price declined almost 20% when media outlets reported that U.S. prosecutors were considering filing criminal charges by the end of 2016 against Par and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices. On March 1, 2017, Endo filed an Annual Report with the U.S. Securities and Exchange Commission, revealing the company’s financial and operating results for the quarter and year ended December 31, 2016. The report reflected the extent to which Par’s unlawful conduct had previously inflated Endo’s revenues – Endo reported a net loss of $3.35 billion, or $15.03 per diluted share, on revenue of $4.02 billion. On this news, Endo’s stock fell 6.08%, to close at $12.82 on March 1, 2017. Endo continued to lose shareholder confidence throughout the year, and the stock is currently trading at $7.30.

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