OxyContin maker Purdue Pharma reportedly exploring bankruptcyFiling for Chapter 11 protection would halt the thousands of lawsuits alleging the drug manufacturer used deceptive practices to push addictive drugs that led to fatal overdoses.March 4, 2019, 9:57 AM CST / Source: Reuters
By ReutersOxyContin maker Purdue Pharma is exploring filing for bankruptcy to address potentially significant liabilities from thousands of lawsuits alleging the drug manufacturer contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said on Monday.
The deliberations show how Purdue and its wealthy owners, the Sackler family, are under pressure to respond to mounting litigation accusing the pharmaceutical company of misleading doctors and patients about risks associated with prolonged use of its prescription opioids.
Purdue denies the allegations, arguing that the U.S. Food and Drug Administration-approved labels for its opioids carried warnings about the risk of abuse and misuse associated with the drugs.
Filing for Chapter 11 protection would halt the lawsuits and allow the drug maker to negotiate legal claims with plaintiffs under the supervision of a U.S. bankruptcy judge, the sources said.
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https://www.nbcnews.com/business/business-news/oxycontin-maker-purdue-pharma-reportedly-exploring-bankruptcy-n978941
