The Bucks County Employees Retirement Fund is seeking to be appointed the lead plaintiff in a federal class-action lawsuit against a pharmaceutical company.
In a statement, it was revealed that Bucks County Solicitor Joe Khan filed a motion in the U.S. District Court for the Eastern District of Pennsylvania to become the lead the plaintiffs. The county’s retirement fund estimated losses of $800,000 that were the largest of all the plaintiffs invested in Chester County-based Endo International.
Advertisements
The federal class-action lawsuit alleges that Endo International committed securities fraud by “engaging in inherently risky and unstable generic drug pricing practices and failing to disclose those practices, and other key information, to investors,” county officials said. They added that the lawsuit alleges that there were hundreds of millions of dollars lost among the victims.
The Bucks County Employees Retirement System Board unanimously approved filing the litigation earlier this month.
“Bucks County has a significant interest in holding Endo accountable for the harm that their generic drug pricing practices caused to the retirement fund, our fellow shareholders, and the community as a whole,” said Bucks County Controller Neale Dougherty, who serves as Secretary of the Bucks County Employees Retirement System Board.
Advertisements
“Given our losses, the venue in Eastern Pennsylvania, and the board’s commitment to combating fraud, Bucks is the natural choice to lead this fight,” Khan said.
The class-action lawsuit follows the county filing a lawsuit against Endo International and pharmaceutical for their role in the opioid epidemic. That case is pending in state court.
Advertisements
“The fund will not hesitate to step in where needed to assist in the recovery of funds lost due to false and misleading conduct, especially when it involves a repeat offender like Endo, a company that has been repeatedly investigated and sued for its role in generic drug price-fixing as well as its direct involvement in marketing and selling opioids in Bucks County and nationwide,” said Bucks County Commissioner Diane M. Ellis-Marseglia, who serves as chair of the retirement board.
Report a correction via email | Editorial standards and policies
