Here's Why Endo International Stock Dropped as Much as 13.8% Today
Shares of generic pharma leader Endo International (NASDAQ: ENDP) sank nearly 14% today after the company announced two of its subsidiaries had filed a lawsuit against the U.S. Food and Drug Administration (FDA) for breaking the law. Actually, more like ignoring the law. While that's technically true, it might not matter much.
The problem is that the law allegedly being ignored is one that new FDA Commissioner Scott Gottlieb has promised to overhaul -- and not in a way that would favor generic drug manufacturers such as Endo International. The very public spat between the company and one of the world's leading health institutions (not the first) is not what Wall Street wants to see, and adds yet another source of pressure on pharmaceutical companies in what has already been a tumultuous year in factors spanning political and public opinion.
As of 3:41pm EDT, the stock had settled to a 12% loss.
Source: Fool.com
