Opioid Maker Insys Files For Chapter 11 Bankruptcy [Forbes]
INSYS THERAPEUTICS (INSY)
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Source: Forbes
Opioid Maker Insys Files For Chapter 11 Bankruptcy Opioid manufacturer Insys Therapeutics filed for Chapter 11 bankruptcy protection on Monday. This comes less than a week after Insys agreed to pay $225 million to settle civil and criminal investigations that were taking place with the Department of Justice. The company also pleaded guilty to five counts of mail fraud. The company says it will continue to operate using the cash it has on hand and operating cash flows as the U.S. Bankruptcy Court in Delaware supervises the sale of its assets. “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,” Insys CEO Andrew Long said in a statement. Long has served as company CEO for just about two months. The company's previous CEO Saeed Motahari stepped down in April. In May Insys' founder
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