Six law firms are urging Endo Pharmaceuticals investors to join a class action lawsuit against the opioid drug maker. According to the firms, Endo misled investors about the safety and marketability of its top-selling opioid drug Opana ER. When Endo abruptly stopped selling its painkiller, investors lost a pile of money. Endo stock tanked this summer, going from $13.78 a share to $8.17 a share (a 33 percent loss), after the U.S. Food and Drug Administration took the unusual step – an agency first – of pressuring  to halt Opana ER sales. Law firms in New York, Los Angeles and Irvine, California are alleging investors should have been told before buying Endo stock about the risks that users of Opana ER could crush the pills and inject or snort them to get high. If they had known that, they might have reconsidered investing in the company – at least that’s the theory.

Sources: Yahoo Finance News and U.S. Food and Drug Administration press release.

Share This