Endo International PLC (NASDAQ: ENDP) stock dropped 8.53 percent Friday after “60 Minutes” announced it will be featuring attorney general and Ohio governor-elect Mike DeWine on Sunday’s episode.
“60 Minutes,” which has been known to move markets with its exposes, announced that Sunday’s episode of the show will be focused on “shocking” data DeWine has uncovered that's related to opioid distribution.
Endo is one of the companies included in lawsuits in Ohio, Missouri and Mississippi related to its role in the opioid epidemic. As recently as 2016, Endo generated the majority of its revenue from prescription painkillers, most of which were opioid drugs.
Why It’s Important
According to the “60 Minutes” episode preview, DeWine and his attorneys have compelling evidence against opioid companies that DeWine believes could result in as much as $100 billion in liabilities against Endo and other drug companies. Ohio attorney Mike Moore has reportedly said the lawsuit could bankrupt some of the companies if it goes to trial.
Ohio has been one of the states hit hardest by the opioid crisis, reporting 4,800 overdose-related deaths in 2017 alone.
DeWine said Ohio had nearly 1 billion pain pills prescribed in a single year at one point — roughly 69 per man, woman and child in the Buckeye State. .
“Anyone who was looking at those numbers, as those middlemen were, clearly, clearly should have seen something was wrong,” DeWine said.
“60 Minutes” has often moved stocks. The show was famously responsible for a report linking Lumber Liquidators Holdings Inc (NYSE: LL) products to cancer that sent the stock crashing more than 75 percent back in 2015.
Traders will certainly be tuning in to “60 Minutes” Sunday night at 7:30 p.m. ET to learn more about the situation in Ohio and its potential impact on stocks like Endo. They will also be keeping an eye out for further drug company lawsuits related to the ongoing opioid epidemic.
The '60 Minutes' Effect On Stocks
How Much The Opioid Epidemic Actually Costs The Non-User
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