DUBLIN, April 20,
2022 /PRNewswire/ -- Endo International
plc (NASDAQ: ENDP) today announced that the Tennessee Court of Appeals has reversed a
trial court judge's order denying a motion for recusal by Endo's
wholly-owned subsidiaries Endo Health Solutions Inc. and Endo
Pharmaceuticals Inc. (collectively, Endo or the Company)
in Clay County et al.
v. Purdue Pharma, L.P., et al., (formerly known as
Dunaway, et al. v. Purdue Pharma, L.P., et al.), pending in
the Circuit Court for Cumberland County,
Tennessee, and remanded the case for transfer to a different
judge.
In so doing, the Tennessee
Court of Appeals also vacated the trial court judge's order
imposing sanctions on Endo for alleged discovery violations,
including the entry of a default judgment on liability.
The Tennessee Court of Appeals
noted that its ruling was necessary "to promote confidence" in the
judiciary after finding that the trial court judge, through various
public comments and social media activity following his
February 2022 entry of the default
judgment, "positioned himself publicly as an interested community
advocate…not an impartial adjudicator presiding over
litigation."
The Clay County case
involves claims by 13 Tennessee
counties, 22 cities and towns within those counties and an
individual plaintiff alleging that Endo's sale of prescription
opioid medications violated Tennessee's Drug Dealer Liability Act.
About Endo
Endo (NASDAQ: ENDP) is a specialty pharmaceutical company
committed to helping everyone we serve live their best life through
the delivery of quality, life-enhancing therapies. Our decades of
proven success come from passionate team members around the globe
collaborating to bring the best treatments forward. Together, we
boldly transform insights into treatments benefiting those who need
them, when they need them. Learn more at www.endo.com or
connect with us on LinkedIn.
Cautionary Note Regarding
Forward-Looking Statements
Certain information in this press release may be considered
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and any applicable
Canadian securities legislation including, but not limited to, any
statements relating to the status or outcome of litigation or
settlement discussions. Statements including words or phrases such
as "believe," "expect," "anticipate," "intend," "estimate," "plan,"
"will," "may," "look forward," "intend," "future," "potential" or
similar expressions are forward-looking statements. All
forward-looking statements in this press release reflect Endo's
current expectations of future events based on existing trends and
information and represent Endo's judgment only as of the date of
this press release. Actual results may differ materially and
adversely from current expectations based on a number of factors
affecting Endo's businesses, including, among other things, the
following: the outcome of our strategic review, contingency
planning and any potential restructuring; the timing, impact or
results of any pending or future litigation, investigations or
claims or actual or contingent liabilities, settlement discussions,
negotiations or other adverse proceedings; our ability to satisfy
judgments or settlements or pursue appeals including bonding
requirements; our ability to adjust to changing market conditions;
our ability to attract and retain key personnel; our inability to
maintain compliance with financial covenants and operating
obligations which would expose us to potential events of default
under our outstanding indebtedness; our ability to incur additional
debt or equity financing for working capital, capital expenditures,
business development, debt service requirements, acquisitions or
general corporate or other purposes; our ability to refinance our
indebtedness; a significant reduction in our short-term or
long-term revenues which could cause us to be unable to fund our
operations and liquidity needs or repay indebtedness. The
occurrence or possibility of any such result has caused us to
engage, and may result in further engagement in strategic reviews
that ultimately may result in our pursuing one or more significant
corporate transactions or other remedial measures, including on a
preventative or proactive basis. Those remedial measures could
include a potential corporate reorganization, restructuring or
bankruptcy filing involving all or a portion of our business, asset
sales or other divestitures, cost-saving initiatives, corporate
realignments or strategic partnerships. Some of these measures
could take significant time to implement and others may require
judicial or other third-party approval. Any such actions may be
complex, could entail significant costs and charges or could
otherwise negatively impact shareholder value, and there can be no
assurance that we will be able to accomplish any of these
alternatives on terms acceptable to us, or at all, or that they
will result in their intended benefits. Therefore, the reader is
cautioned not to rely on these forward-looking statements. Endo
expressly disclaims any intent or obligation to update these
forward-looking statements, except as required to do so by law.
Additional information concerning risk factors, including those
referenced above, can be found in press releases issued by Endo, as
well as Endo's public periodic filings with the U.S.
Securities and Exchange Commission and with securities
regulators in Canada, including the discussion under the
heading "Risk Factors" in Endo's most recent Annual Report on Form
10-K and any subsequent Quarterly Reports on Form 10-Q or other
filings with the U.S. Securities and Exchange Commission.
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SOURCE Endo International plc