- Shares of Endo International are down 24% in Wednesday afternoon trading, a day after the pharma closed up 85% .
- The reason for Tuesday's surge was a news release issued by law firm White & Case on behalf of a group of institutional investors holding unsecured notes in Endo ( NASDAQ: ENDP ) subsidiaries.
- The group has proposed that the company commence a cash tender offer or commence a debt-for-debt exchange. Also, it is against a near-term bankruptcy filing as Endo ( ENDP ) has strong liquidity and it "could destroy significant value for stakeholders."
- Endo ( ENDP ) has been struggling as a result of multi-million-dollar settlements in state opioid crisis cases .
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Endo International cools off, giving back some of its 85% Tuesday gain