Stock Alert: Mallinckrodt Plc (MNK) Shares Rally On Opioid Settlement Agreement

(RTTNews) - Shares of Mallinckrodt plc (MNK) are soaring over 30% today after the company agreed for global Opioid settlement. The stock has been trading between $1.43 and $27.33 in the past one year. Trading volume surged to 19 million versus an average volume of 7.5 million shares.

Mallinckrodt LLC, SpecGx LLC and certain other affiliates have reached a global settlement agreement to resolve all opioid-related claims against the company, Specialty Generics, and the company's other subsidiaries, for $1.6 billion.

Also, the company reported Q4 adjusted EPS of $2.40, on net sales of $804.9 million, well above the Wall Street analysts' estimate of $2.05 EPS and $772.52 million sales.

"We are pleased with the operating strength of the business as we finished 2019," said Mark Trudeau, President and Chief Executive Officer of Mallinckrodt. "Our hospital products had an exceptional fourth quarter, as we anticipated, and the Specialty Generics segment finished the year strong, marking its fourth consecutive quarter of growth..."