The Wall Street Journal: Insys files for Chapter 11 days after settling opioid case [MarketWatch]
INSYS THERAPEUTICS (INSY)
Last insys therapeutics earnings: 11/5 04:16 pm
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Source: MarketWatch
Insys files for Chapter 11 days after settling opioid case Specialty-pharmaceutical company Insys Therapeutics Inc. INSY, -42.82% filed for chapter 11 bankruptcy with plans to sell its assets, just days after agreeing to pay $225 million to settle federal charges over sales of its opioid drug Subsys. The bankruptcy petition contains an acknowledgment from federal authorities that they won’t be paid in full but instead will become unsecured creditors. Insys will ask a bankruptcy judge to sign off on an agreement that entitles the U.S. to receive, at most, $190 million from a civil settlement. How much the government actually collects depends on how much Insys can raise from selling its assets, and how much competition there is from other creditors. The government will share Insys’s money with a who’s-who of major law firms that have been defending Insys executives in civil and criminal cases accusing them of fueling the opioid crisis. Insys owes more than $11 million to law firms de
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