Endo leaps as it looks close to settling Ohio opioid lawsuits

Shares of Ireland incorporated Endo International (Nasdaq: ENDP) rocketed 26.3% to $3.22 by mid-morning trading today, after the company announced that its Endo and Par subsidiaries has have reached a settlement in principle with the County of Cuyahoga, Ohio, the County of Summit, Ohio and certain related persons in connection with lawsuits pending in the US District Court for the Northern District of Ohio, dubbed the "Track 1 Cases." The settlement will be effective only upon the execution of definitive documentation.

If finalized, the settlement will resolve the Track 1 Cases, which assert various claims arising from or otherwise relating to the manufacturing, marketing, distribution, supply, sale, prescribing, use and/or abuse of branded and generic opioid medications.

Proposed terms