The Bucks County Employees’ Retirement Fund is now the lead plaintiff in a federal securities class action case against Malvern-based pharma giant Endo International plc. The case’s tactical swich was covered in the Bucks Local News.
Two factors caused the reshuffle:
- Dissatisfaction with the prior lead plaintiff and counsel
- The reality that the potential $800,000 loss to the fund outweighs the exposure of every other plaintiff
The lawsuit alleges that Endo committed securities fraud by engaging in inherently risky and unstable generic drug pricing practices.
Endo’s alleged wrongful acts and omissions — plus the precipitous decline in the market value of its securities —caused hundreds of millions of dollars in losses and damages to class members.
Lead counsel in the case is now Lawrence F. Stengel, former Chief Judge of the U.S. District Court for the Eastern District of Pennsylvania. Stengel will be joined by Bucks County Solicitor Joe Khan, First Assistant County Solicitor Amy Fitzpatrick and other attorneys.
“We’re pleased that, notwithstanding Endo’s opposition, the Court chose Bucks to lead the fight against this pharmaceutical giant,” said County Controller Neale Dougherty. “Bucks County has a significant interest in holding Endo accountable for the harm that its generic drug pricing practices caused to the retirement fund, our fellow shareholders, and the community as a whole.”
More on this litigation is at Bucks County News.