Purdue Pharma, the company that has made billions of dollars, sells prescription painkillers OxyContin, said Wednesday it is considering filing for bankruptcy as it fights for litigation aimed at keeping the company accountable for the national opioid crisis.
"As the company has stated, exploring and preparing for any opportunities and opportunities, given the amount of litigation that the company faces," said Purdue spokesman Robert Johnson to The Associated Press.
Hundreds of local and state governments have sued Purdue and other drug makers and distributors, claiming to be responsible for the national opioid crisis for the way in which they allegedly mislead and aggressively market their products.If Purdue films for bankruptcy, a federal judge can decide whether issues involving other companies can go further while Purdue is handled separately.
KANSAS DOCTOR GIVES LIFE IN PRIZE AFTER THE PATIENT'S OPIOID OVERDOSE D Edu Purdue's President and CEO Craig Landau told The Washington Post that the company did not finally decide on bankruptcy. But considering the effect of judicial settlement or jury values, Purdue Pharma may cost you bill Where the dollar, it is heavily weighing the option.
"We are considering it, but we haven't really made any decisions about what kind of measures we are going to pursue. Much depends on what unfolds in weeks and months to come," says Landau.
Since OxyContin's release in 1
Although Purdue products are only part of opioids As prescribed, Purdue proposes doctors from the Massachusetts case lawyer to attempt to increase drug sales, was reluctant to prescribe strong painkillers to their patients, Purdue, she asserted, ignored security and addiction and convinced doctors their drugs were safe to increase profit margins expense of patients dependent on their products
Purdue is the primary defendant in a lawsuit on May 28 against State of Oklahoma. The prosecutors could seek more than $ 1 billion from drug companies, according to The Post.
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Prosecutors consolidated most of the lawsuits in a federal court in Cleveland where ongoing Settlement talks continue before two scheduled attempts this fall, but bankruptcy hearings are likely to halt the legal process for Purdue.
Purdue Pharma is privately owned by the Sackler family who hired a CEO and a consulting company with experience in restructuring companies during legal and financial crises. Court records in Massachusetts reveal the family received over $ 4 billion from Purdue from 2007 to 2018.
Associated Press contributed to this report.