Insys stock drops 27% after auditor questions company's viability [MarketWatch]
INSYS THERAPEUTICS (INSY)
Last insys therapeutics earnings: 11/5 04:16 pm
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Source: MarketWatch
Insys stock drops 27% after auditor questions company's viability Shares of opioid maker Insys Therapeutics Inc. INSY, -25.35% dropped 27% on Wednesday after the company disclosed in a securities filing that an auditor had raised doubt about its ability to continue as a going concern. The company's founder, John Kapoor, and several former executives have been accused of bribing doctors to prescribe its drug Subsys, a sublingual fentanyl spray approved by the FDA for cancer pain. Fentanyl is an opioid that is up to 50 times more powerful than heroin. In August, the company agreed to pay $150 million over the next five years and a potential $75 million in additional payments to settle charges brought against it by the U.S. Department of Justice. The company's fourth-quarter operating expenses increased to $62.7 million from $47.5 million the year before, with much of the difference due to legal expenses. Although the company does not have any outstanding debt and currently has $104.1
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