NEW YORK, NY / ACCESSWIRE / June 28, 2016 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court, Southern District of New York on behalf of those who purchased shares of Endo International plc ("Endo" or the "Company") (NASDAQ: ENDP) between March 2, 2015 and May 6, 2016 inclusive (the "Class Period").
According to the Complaint, throughout the class period, Endo stated in filings with the U.S. Securities and Exchange Commission ("SEC") that its net sales for its U.S. Branded Pharmaceuticals segment improved, due to increased proceeds from Frova, Endo's migraine therapy. Endo's filings with the SEC included signed certifications that the financial information was correct and revealed any material changes to Endo's internal control over financial reporting. In Endo's 2015 Earnings Release, it estimated total revenues between $4.32 billion and $4.52 billion for the year ended December 31, 2016. On March 17, 2016, Endo announced at a conference that its revenue guidance did not meet expectations for the first quarter of 2016, but restated the revenue guidance from the 2015 Earnings Release.
The complaint alleges that Endo officials failed to disclose that its contracts with pharmacy benefit managers ("PBMs") for Frova included questionable inducements planned increase sales that Endo's revenues relied on.
On May 5, 2016, Endo announced poor financial results, severely cutting its 2016 guidance, and revealed that the President of the company's U.S. Branded Pharmaceuticals segment was resigning. Endo also announced that in March of 2016 its subsidiary, Endo Pharmaceuticals Inc., had received a request for documents from the U.S. Attorney's Office for the Southern District of New York "regarding contracts with Pharmacy Benefit Managers regarding [the migraine treatment] Frova." Following these news reports, Endo's stock dropped $11.32 per share, or 42.57%, to close at $15.27 per share on May 9, 2016.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint or join the action, please visit the firm's site: http://www.bgandg.com/#!endo/v6ep3. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Endo you have until July 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC