WARNING: Market Shock Imminent

Join us on September 29 at 4 p.m. ET at the Market Shock 2022 event to find out what’s coming and how to profit.

Thu, September 29 at 4:00PM ET
 
 
 
 

TEVA Stock Surges 24% as Teva Pharmaceuticals Settles Lawsuits

  • Teva Pharmaceuticals (TEVA) stock is rising alongside lawsuit settlement news.
  • This has it agreeing to pay $4.35 billion to settle nationwide opioid lawsuits.
  • That's higher than the $2.6 billion the company expected to pay.
Opioids Made TEVA Stock Untouchable But Things Seem to be Changing

Source: JHVEPhoto / Shutterstock.com

Teva Pharmaceuticals (NYSE:TEVA) stock is soaring higher on Wednesday after the pharmaceutical company reached a settlement in recent lawsuits.

According to recent reports, Teva Pharmaceuticals is prepared to pay a proposed $4.35 billion to settle lawsuits connected to the opioid crisis in the U.S. That covers $3.7 billion in cash to local governments, $1.2 billion worth of opioid overdose treatment naloxone, as well as other payments.

Before that settlement is agreed on, Allergan must first reach its own nationwide settlement over the lawsuits. Teva Pharmaceuticals and Allergan also have to come to an agreement over their own disagreements over cases prior to 2016. That’s when TEVA acquired its generic drug business.

It’s worth pointing out that the proposed settlement payment is much higher than the $2.6 billion that Teva Pharmaceuticals was expecting to pay. Also, the company has to wait for enough local governments to accept the terms of the settlement before the $4.35 billion number is finalized, reports Reuters.

Despite the settlement payment being higher than expected, shares of TEVA stock are rising alongside heavy trading today. As of this writing, more than 33 million shares of the stock have changed hands. That’s more than triple the company’s daily average trading volume of about 10.9 million shares.

TEVA stock is up 24.4% as of Wednesday morning, which brings its year-to-date gains to 6.2%.

Investors seeking out more recent stock market news will want to keep reading!

We’ve got all of the hottest stock news that traders need to know about for Wednesday! A few examples include why shares of Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Dave (NASDAQ:DAVE), and Spotify (NYSE:SPOT) stock are on the move. You can find out more on these matters at the links below!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/07/teva-stock-surges-24-as-teva-pharmaceuticals-settles-lawsuits/.

©2022 InvestorPlace Media, LLC