Opioid maker Mallinckrodt reaches tentative settlement on Ohio cases set for trial next month
Trading in the company's shares was halted just before announcing settlements with the Ohio counties of Cuyahoga and Summit.
The company's stock bottomed out Thursday, plunging 39% to $1.59 a share amid reports that it might file for bankruptcy. The Mallinckrodt Pharmaceuticals sign was unveiled at the company's offices in St. Louis on July 1, 2013.'s stock jumped by more than 11% on Friday after hitting an all-time low the day before and reaching tentative settlements in two opioid lawsuits set to go to trial next month.
"Mallinckrodt is pleased we were able to reach a settlement in principle with the counties that made sense for all parties," General Counsel Mark Casey said in a statement Friday announcing the agreements "in principle" with the Ohio counties of Cuyahoga and Summit. "Resolving the Track 1 cases gives us the necessary time to continue to work towards a global resolution of the opioid lawsuits.
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