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Nov. 26, 2019, 1:22 p.m. EST

Shares of opioid makers and distributors drop on criminal probe

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By Jaimy Lee

Shares of the companies embroiled in opioid litigation fell in afternoon trading after The Wall Street Journal reported the federal government had opened a criminal investigation into some opioid makers and distributors, citing sources. Six companies have disclosed in regulatory filings that they have received grand-jury subpoenas from the U.S. attorney's office in the Eastern District of New York, according to the report. Teva Pharmaceutical Industries Ltd. /zigman2/quotes/205657894/composite TEVA +3.45% is down 8%, Mallinckrodt /zigman2/quotes/209283217/composite MNK -5.56% 5%, Amneal Pharmaceuticals Inc. /zigman2/quotes/209301288/composite AMRX -5.90% 10%, and Johnson & Johnson /zigman2/quotes/201724570/composite JNJ +0.77% 1%. Shares of cited wholesale drug distributors also declined, AmerisourceBergen /zigman2/quotes/201066379/composite ABC -3.04% by 3% and McKesson /zigman2/quotes/206975466/composite MCK -2.87% by 5%. In addition, shares of companies facing opioid litigation but not cited in the Journal story also dropped, with Endo International /zigman2/quotes/207745412/composite ENDP +2.91% down 9% and Cardinal Health /zigman2/quotes/206646342/composite CAH +0.41% 4%. In recent weeks, the stocks of these companies have rallied as investors took the view that the possibility of global settlement that would resolve all pending and future litigation was a positive.

Read the full story:
Stocks inch higher, S&P 500, Nasdaq look to set 10th record close of November

/zigman2/quotes/205657894/composite
US : U.S.: NYSE
$ 8.40
+0.28 +3.45%
Volume: 16.16M
April 3, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.17 billion
Rev. per Employee
$441,818
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/zigman2/quotes/209283217/composite
US : U.S.: NYSE
$ 1.70
-0.10 -5.56%
Volume: 2.44M
April 3, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$143.15 million
Rev. per Employee
$869,081
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/zigman2/quotes/209301288/composite
US : U.S.: NYSE
$ 2.87
-0.18 -5.90%
Volume: 2.28M
April 3, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$422.75 million
Rev. per Employee
$277,165
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/zigman2/quotes/201724570/composite
US : U.S.: NYSE
$ 134.17
+1.02 +0.77%
Volume: 10.07M
April 3, 2020 6:30p
P/E Ratio
23.83
Dividend Yield
2.83%
Market Cap
$353.72 billion
Rev. per Employee
$603,509
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/zigman2/quotes/201066379/composite
US : U.S.: NYSE
$ 81.34
-2.55 -3.04%
Volume: 1.52M
April 3, 2020 6:30p
P/E Ratio
26.27
Dividend Yield
2.07%
Market Cap
$16.75 billion
Rev. per Employee
$8.23M
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/zigman2/quotes/206975466/composite
US : U.S.: NYSE
$ 125.49
-3.71 -2.87%
Volume: 2.27M
April 3, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
1.31%
Market Cap
$22.22 billion
Rev. per Employee
$2.74M
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/zigman2/quotes/207745412/composite
US : U.S.: Nasdaq
$ 3.18
+0.09 +2.91%
Volume: 3.33M
April 3, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$721.33 million
Rev. per Employee
$1.01M
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/zigman2/quotes/206646342/composite
US : U.S.: NYSE
$ 46.61
+0.19 +0.41%
Volume: 2.57M
April 3, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
4.13%
Market Cap
$13.60 billion
Rev. per Employee
$2.83M
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