Reuters exclusively reports OxyContin maker Purdue Pharma exploring bankruptcy
Reuters broke the news that OxyContin maker Purdue Pharma LP is exploring filing for bankruptcy to address potential liabilities from 2,000 lawsuits alleging that the drug manufacturer contributed to the deadly opioid crisis. Purdue Pharma denies the lawsuit allegations. Filing for Chapter 11 protection would halt the lawsuits and allow Purdue Pharma to negotiate legal claims with plaintiffs under the supervision of a U.S. bankruptcy judge, sources told Reuters. Shares of Endo International Plc and Insys Therapeutics Inc, two companies that have also been named in lawsuits related to the U.S. opioid epidemic, closed down 17 percent and more than 2 percent, respectively, after Reuters published its story.