The Endo International Plc (NASDAQ:ENDP) stock has been in favour among investors this week and during the course of the past week alone, it has managed to clock gains of as much as 46%. In this regard, it might be a good idea to take a look at a major development from yesterday that might keep the stock on the radars of investors over the coming days.
The company announced yesterday that its fully owned subsidiary companies Endo Pharmaceutical Inc and Endo Health Solutions Inc reached in-principle agreement with regards to the settling of an case related to opioids.
The case in question was titled Staubus, et al. v. Purdue Pharma, L.P., et al and was being heard at the Circuit Court for Sullivan County located in Tennessee. Earlier on this year in April the trial court had delivered a default judgement with regards to liabilities.
A trial in relation to the damages caused was supposed to start on July 26, 2021. The settlement, which has not been given the final approval, is going to see Endo International make a payment of $35 million that is going to be divided between 28 plaintiffs. The settlement of the case marks a major breakthrough for the company.
Market Reaction:
On Thursday, ENDP stock jumped 3.60% to $4.89 with more than 29.67 million shares, compared to its average volume of 4.88 million shares. The stock had moved within a range of $4.2100 – 5.8000 after opening the trade at $4.58. Over the past 52-week, the stock has been trading within a range of $2.7100 – 10.8900.
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