OxyContin Maker Reportedly Mulling Bankruptcy

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Published on March 4, 2019 - Duration: 00:54s

OxyContin Maker Reportedly Mulling Bankruptcy

Multiple outlets report that Purdue Pharma is considering filing for bankruptcy, which would freeze the more than 1,000 lawsuits against the company.

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OxyContin Maker Reportedly Mulling Bankruptcy

OxyContin manufacturer  Purdue Pharma is reportedly considering filing for bankruptcy, and the move might have an ulterior motive.

According to media outlets , the drugmaker is looking into Chapter 11 bankruptcy in order to curb liability it may face from current lawsuits.  That option would freeze the more than 1,000 suits against the pharmaceutical company and allow it to negotiate the claims via bankruptcy court.

Purdue's at the center of  numerous legal battles  that allege its marketing practices were deceptive and helped fuel the national opioid epidemic,  something Purdue denies .  In a statement, the company declined to comment on its financial or legal strategy, per company policy, but said it's "committed to ensuring that our business remains strong and sustainable." On Friday , Purdue asked a judge to throw out an opioid case filed by the Massachusetts attorney general, saying that the suit is  based on "unsupported facts."

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