I suspect a campaign will be under way to put the secondary behind them
It already started with Bloomberg on Friday.
From Tuesday on, there was a clear and concerted effort to bring down the SP to justify a $21 secondary. That required cancelling a perfectly good pre-existing $60M shelf, to be replaced by a fresh underwritten, price TBD secondary (no price announced for 3 days). All that was a perfect recipe for fear and only then did the price plummet for 3 days running. Utilized properly, the pre-existing shelf would have easily garnered all $60M for 2.25-2.5M shares max, then they could have gone back to WS with added financial strength and stellar results in their pocket. At that point, a WS proposal for a $21 secondary would have been laughed out of the room by any CEO/CFO or BOD that were actually working for their shareholders and not WS.
Now that it's done and they have stolen their 4.5M+ shares, WS will attempt to make this whole fiasco history, and quick. If they don't, bad taste will linger and they will not attract the greater fools they need to unload in a timely manner. If SP stays down here too long, it will have trouble getting back up, a sort of familiarity breeds contempt scenario.
And so the campaign begins. Notice in the Bloomberg article, there is barely even mention of the secondary and certainly no mention of the way it was orchestrated. And they repeatedly harp on a $23.00 close the day before, no mention of that fact that it sat in the $26-33 range for 1 day and $26-30 for 2 more before that genetically modified $23 close. As well they erroneously claim that "Endo shares rose to a record $28.07 following the announcement". Endo shares cleared $33 following the announcement in regular trading hours, and went as high as $41 PM. This is all designed to make $21 seem perfectly reasonable and not something that stinks like week old unrefrigerated fish.
Endo's results were brilliant, none of this changes that fact.