Stock Alert: Mallinckrodt Shares Up On Proposed Global Opioid Settlement Update

(RTTNews) - Shares of Mallinckrodt plc (MNK) are rising above 10% in pre-market today, after the company announced that the New York State Attorney General Letitia James has joined 47 other state and U.S. Territory Attorneys General in supporting its previously announced proposed global opioid settlement.

On March 9, the State of New York and Suffolk County, together with Mallinckrodt LLC and SpecGx LLC, jointly filed a motion to sever, or remove, Mallinckrodt LLC and SpecGx LLC from the New York State opioid trial. The motion has been postponed indefinitely due to the coronavirus.

Mark Casey, Chief Legal Officer of Mallinckrodt said, "We are pleased that New York State has joined the already 47 states and territories in supporting Mallinckrodt's proposed global opioid settlement, and view their support as an important step toward completing the settlement."

The stock has been trading in the range of $1.43 - $24.12 for the past one year, and closed Tuesday's trade at $2.19. Trading volume was 5.92 million versus an average volume of 8.07 million shares. MNK is currently trading at $2.46, up 27 cents or 12.33% in pre-market.