
The maker of OxyContin, Purdue Pharma, says they are considering filing for bankruptcy to protect them from more than 1,000 lawsuits and the potential liability that could come from them. The company recently hired two restructuring advisors, and although the company has no significant debt, lawsuits against the company could be halted by filing for Chapter 11 bankruptcy. The claims against the company would be decided by the bankruptcy court if they file.
Purdue Pharma is currently facing lawsuits from a variety of cities, counties, and states for their role in the opioid epidemic. The claims allege that the company contributed to the epidemic through their sales and marketing efforts. One of the claims in Massachusetts states the company deceived doctors and patients regarding the risks of the drugs.
Purdue Pharma's Response
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