Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Wracked by Opioid Scandal, US Drug Maker Insys Files for Bankruptcy, Agrees to Pay $225mn

Founder John Kapoor was convicted of bribing doctors to prescribe unnecessarily powerful dosages of opioid.

PTI

Updated:June 11, 2019, 3:18 PM IST
facebookTwitterskypewhatsapp
Wracked by Opioid Scandal, US Drug Maker Insys Files for Bankruptcy, Agrees to Pay $225mn
Insys' billionaire founder John Kapoor. (File photo/ Reuters)
Loading...

New York: American drug maker Insys announced on Monday that it was filing for bankruptcy and will sell its assets as it faces legal and financial fallout from its role in the opioid crisis.

The Arizona-based company last week agreed to pay $225 million to settle criminal and civil probes into the marketing of an addictive opioid painkiller.

Insys' billionaire founder John Kapoor and four other former executives were also convicted last month of engaging in systematic bribery of doctors to prescribe the powerful opioid Subsys unnecessarily and at higher-than-recommended dosages.

The company said in a statement Monday it intends to continue operations as it seeks bankruptcy protection, but will sell "substantially all" of its assets under court supervision to pay the settlement.

"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," CEO Andrew Long said in a statement.

Beyond its settlement with the Justice Department, the company faces millions in legal costs. In court filings on Monday, the company valued its assets at between $100 million and $500 million.

The court documents also show that John Kapoor retains a 63 percent stake in the company. He is to be sentenced in September.

Shares in the company fell nearly 57 percent from Friday's close to 74.5 cents on the Nasdaq shortly after 1500 GMT.

Prior to the scandal, shares in January 2018 reached as high $13.38.

The company says it plans to honor employee wages and to continue operating as normal while paying vendors and suppliers in full.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results