Posted on Jun 10, 2019
Insys Files For Chapter 11, Days After Landmark Opioid Settlement Of $225 Million
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Opioid manufacturer Insys Therapeutics has filed for Chapter 11 bankruptcy protection, just five days after agreeing to pay $225 million to settle the federal government's criminal and civil cases against the company for bribing doctors to prescribe its fentanyl-based painkiller.
In documents filed Monday, Insys asked the court to allow it to sell its assets to pay more than $250 million in debts. But the move also means the government may not collect all the settlement money it is due.
"After conducting a thorough review of available strategic alternatives, we determined that a court-supervised sale process is the best course of action to maximize the value of our assets and address our legacy legal challenges in a fair and transparent manner," Insys CEO Andrew G. Long said in an emailed statement.
In documents filed Monday, Insys asked the court to allow it to sell its assets to pay more than $250 million in debts. But the move also means the government may not collect all the settlement money it is due.
"After conducting a thorough review of available strategic alternatives, we determined that a court-supervised sale process is the best course of action to maximize the value of our assets and address our legacy legal challenges in a fair and transparent manner," Insys CEO Andrew G. Long said in an emailed statement.
Insys Files For Chapter 11, Days After Landmark Opioid Settlement Of $225 Million
Posted from npr.org
Pharmaceuticals
Drugs
Lawsuit
Bankruptcy
Health
Posted >1 y ago
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Thanks. Am waiting for another big one to play out in court: Theranos. Worked two buildings down from their lab (sic) on Gateway Blvd. Prior to the cat getting out of the bag, the VP paid a visit so a co-worker and I walked down to watch the circus come to town. Countless vehicles and personnel from Newark PD, Alameda County Bomb Squad and other agencies to include the secret service were there providing perimeter security - even snipers on adjacent roofs. After a short wait, the parade, I mean motorcade arrived.
HBO did an amazing job w/their documentary, the WSJ's investigative reporter John Carreyrou (who got the ball rolling) notwithstanding.
https://www.hbo.com/documentaries/the-inventor-out-for-blood-in-silicon-valley
HBO did an amazing job w/their documentary, the WSJ's investigative reporter John Carreyrou (who got the ball rolling) notwithstanding.
https://www.hbo.com/documentaries/the-inventor-out-for-blood-in-silicon-valley
The Inventor: Out for Blood in Silicon Valley | Documentaries | HBO
Learn more about the HBO documentary The Inventor: Out for Blood in Silicon Valley.
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Don't know how to feel about this. There disappearance seems just. Failure to fully pay the amount owed seems like they got over yet again
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