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OxyContin maker Purdue Pharma reportedly exploring bankruptcy
OxyContin 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.
No "Big Tobacco" moment for Purdue Pharma. Cut and run.
Previously: City of Everett, Washington Sues OxyContin Maker Purdue Pharma
OxyContin's 12-Hour Problem
South Carolina Sues OxyContin Maker Purdue
Tens or Hundreds of Billions of Dollars Needed to Combat Opioid Crisis?
Purdue Pharma to Cut Sales Force, Stop Marketing Opioids to Doctors
Colorado Attorney General Sues Purdue Pharma
Related: The Dutch Supply Heroin Addicts With Dope and Get Better Results Than USA
U.S. Opioid Deaths May be Plateauing
(Score: 5, Insightful) by Snow on Monday March 04 2019, @07:56PM (5 children)
From TFA:
So the bankruptcy has nothing to do with actually being insolvent in any way, but rather of a way to be above the law?
Must be nice to be filthy rich and better than all those poor people who have to obey laws.
(Score: 5, Funny) by darkfeline on Monday March 04 2019, @09:37PM (2 children)
You don't understand. They have so much money that their bank account ruptured, hence bankruptcy.
Join the SDF Public Access UNIX System today!
(Score: 0) by Anonymous Coward on Monday March 04 2019, @10:38PM
In God we truss.
(Score: 0) by Anonymous Coward on Monday March 04 2019, @11:29PM
-aka- "three golden sword brand"
cant recall the chinese characters for now.
also ... can we get opium refill cartridges for vaping?
(Score: 0) by Anonymous Coward on Tuesday March 05 2019, @01:39AM (1 child)
...and the next month keep chugging renamed to Pordoe Pharma, 2.0.
(Score: 2) by Gaaark on Tuesday March 05 2019, @05:22PM
Funny: in Canada, Loblaws changed it's corporate name to Loblaw; i guess in order to get rid of the union and rehire their employees at a lower price.
Something like that. Why is this shit allowed? Why are companies allowed to buy (Loblaw was allowed to buy the biggest Canadian pharmacy company Shoppers Drug Mart) and merge instead of disallowing it and forcing REAL competition? I'm guessing it's because A LOT OF FECKING MONEY PASSES INTO GOVERNMENT HANDS?!
Should not be allowed. Increase competition instead of decreasing it and handing power to the 1%.
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---