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Facing 1000s Of Lawsuits, Oxycontin Maker Purdue Weighs Bankruptcy Filing

Tyler Durden
March 4th, 2019
Zero Hedge
Comments (39)
Read by 2,048 people
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This article was originally published by Tyler Durden at Zero Hedge

Stamford-based Purdue Pharmaceuticals, which is facing thousands of lawsuits pertaining to its role in stoking the opioid epidemic that has been blamed for the surge in drug overdose deaths, is taking a page out of embattled Cali utility PG&E’s book.

Like the embattled utility, the drug company, which is privately owned and controlled by the billionaire Sackler family, is considering filing chapter 11 bankruptcy to halt the mountain of lawsuits and negotiate its legal claims with plaintiffs.

Here’s more from Reuters:

The deliberations show how Purdue and its wealthy owners, the Sackler family, are under pressure to respond to mounting litigation accusing the pharmaceutical company of misleading doctors and patients about risks associated with prolonged use of its prescription opioids.

Purdue denies the allegations, arguing that the U.S. Food and Drug Administration-approved labels for its opioids carried warnings about the risk of abuse and misuse associated with the drugs.

Filing for Chapter 11 protection would halt the lawsuits and allow the drug maker to negotiate legal claims with plaintiffs under the supervision of a U.S. bankruptcy judge, the sources said.

Purdue has been accused by dozens of states’ attorneys general of using deceptive marketing practices to push opioids like its Oxycontin while minimizing their addictive properties. The company told Reuters that it hasn’t made a final decision about the bankruptcy.

A Purdue bankruptcy filing is not certain, the sources said. The Stamford, Connecticut, drug maker has not made any final decisions and could instead continue fighting the lawsuits, they said.

“As a privately-held company, it has been Purdue Pharma’s longstanding policy not to comment on our financial or legal strategy,” Purdue said in a statement.

“We are, however, committed to ensuring that our business remains strong and sustainable. We have ample liquidity and remain committed to meeting our obligations to the patients who benefit from our medicines, our suppliers and other business partners.”

It was reported in August that Purdue had tapped Davis, Polk & Wardell for restructuring advice, which alarmed some attorneys general who feared Purdue would file for bankruptcy before cases brought by states attorneys general reached trial.

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Author: Tyler Durden
Views: Read by 2,048 people
Date: March 4th, 2019
Website: https://www.zerohedge.com/

Copyright Information: This content has been contributed to SHTFplan by a third-party or has been republished with permission from the author. Please contact the author directly for republishing information.

39 Comments...

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  1. madtxn says:

    just do the Sacklers like Pablo escobar. life in prison and total asset forfeiture. next, insys for fentanyl off label bribing.

  2. Asshat says:

    Why does trump need to make an executive order to protect free speech on campuses. This tells me the constitution alone isn’t enuff to ensure everyone’s right is protected. What happens when trump leaves office and we get a demon president. You know it will be overturned and conservative opinions will be censored. Just the point that trump needs to make an executive order to protect free speech is a huge red flag that America is in crisis. prep more it’s gonna get ugly.

  3. Concerned Citizen says:

    what a typical bunch of no good, rat bastard, son of a bitch corporate apes with no morals and no ethics but making CASH hand over fist, that is it and no care in the world for the damage their poison has caused for literally millions of people.

  4. john stiner says:

    Addicted to opioids?

    It is ALWAYS someone else fault. That is the American way!

  5. Concerned Citizen says:

    Making CASH via any means necessary – the American greedy garbage unethical way!!

  6. The Deplorable Renegade says:

    So a member of Big Pharma is facing going belly up? GOOD. That needs to happen to ALL of them.

  7. Kevin2 says:

    Misleading Physicians?

    It’s dope, a narcotic, I’m a HS graduate and I know better.

    GTFOOH

  8. Angry Beaver says:

    In my opinion if you need oxy or Fentonol or any thing like that. It just shouldn’t be available in pill form.it should only be administered by a physician in a hospital. Big pharma had no business unleashing that shit. If you need anything stronger than perkacet or Tylenol 4 you need to be in a hospital period.
    I also believe you are responsible for what you do. You can tell your Dr ” no doc I don’t think that’s the right drug for me” personally I grow Poppies and make laudanum about a 12oz bottle per year.
    I’ve smoked the opium as well.
    Both work really well.
    If you grow Poppies you have a side range of medicines you can get from the plants

    • Stuart says:

      “In my opinion…it should only be administered by a physician in a hospital.”..

      That way it will cost $10,000 per dose. Brilliant.

    • Norrak says:

      Fentanyl also comes in patches in which it is absorbed though the skin. Very powerful and very addictive. Heroin, opium, and morphine all made from the poppy. Laudanum is an opioid and is addictive. Some people can handle opioids for relief of pain with out becoming addicted to the substances, but some others cannot help but become addicted. I personally have to have excruciating pain before I even consider taking pain medication. I would never consider taking any Tylenol at all! Very hard on the liver.

    • Anonymous5 says:

      Angry beaver you don’t have a clue and are too stupid for words

  9. Not to worry. Sacklers are j-ues. The lawyers are j-ues. The judge is a j-ue. And the jurors have been stacked with j_ues. And we j-ues stick up for each other. While we encourage the rest of your to infight and tattle on your own people. So whose fault is it. Didn’t you fools learn anything from the China Opium War. We did that one and let the English take the blame. Stupid cattle.

    .

  10. Gestor says:

    Futures the China Connection is going down
    Also make sure you are covered for crop hail damage

  11. Traitor Hator says:

    I wonder what impact opium and Islam had on the Romans?

  12. the Lone Ranger says:

    So, to AVOID taking FINANCIAL responsibility for their wanton and willful destructiveness that CONTINUES to KILL COUNTLESS people, and to HIDE their Mega-Billions of Profit based on their LIES and DECEPTION, they pull a few pencil and paper “accounting tricks” to stash the cash (billions+) to declare “bankruptcy”.

    GTFOOH.

    You don’t fool us.

    And you don’t fool God to whom we all must give an accounting at the time of our death.

    – the Lone Ranger

  13. Rock Roller says:

    Those pills are bad news know a guy who has been on them for years, he looks like a hollow pasty grey scrawny shell of the person he used to be. Sad deal. And the Government and big pharma prefer dumbed down addicted pill poppers as opposed to a healthy population, capable of thinking. They give Dr’s way to much say and power over people….unless your a naturopathic Dr who truly wants to help people then you’ll get assassinated.

  14. Bert says:

    Some of us are in our 70’s and no pills. Eat a healthy diet, maintain a healthy weight, sweat exercise daily and you wouldn’t need a doctor until your late 90’s.

    It is amazing how foolish 75% of American adults really are relying on doctors and pills.

    THEY JUST DON’T FEEL SHAME THESE GENERATIONS. I ask you, would you trust anyone that treats their only body, their only life, as if it were total valueless shit?

    Many of you cruise the stores in motorized shopping carts, park in the handicap spot, piss and moan whenever you must walk ten feet to the next chair, fill your fat faces with refined foods absent of fiber and nutrients — massive carbs, massive fat and omega 6 — using borrowed money as if there is no tomorrow.

    • Norrak says:

      You are what you eat, and food IS medicine. I take no drugs whatsoever. I eat an organic non-GMO plant based diet, no grains , no animal products at all. My whole house hold, and grandchildren I babysit all had the flu. I took care of them all with natural medicine, and needless to say I did not catch it from them. This is NOT the first time this has happened; I have cared for them before after they contracted the flu, and I still remained well. I contribute this to my eating habits, moderate exercise, no smoking, no drugs, no microwaves and spring water from glass bottles. Most important NO sugar, other than what is naturally in the fruits and vegetables. After going on this diet I found myself feeling fully satisfied and no carb cravings after eating. When I walk by the cakes, cookies. donuts, etc. at the grocery store I literally gag.

    • taddie says:

      I hear you Bert – I do not even have a Dr – take no pills have not been sick in 43 years ( I am 61)… people do not want to take responsibility for their health at all …. just move your body and eat good pure food no crap and you will be fine – I would also recommend throwing out your TV as well – you do not need the indoctrination

  15. Song I wrote about finally getting off of opioids..
    Better Off Without You

    http://billsfabulousmusic.com/cd/bowy.mp3

  16. Anonymous says:

    CBD ad, I mean article in 3…2…1

  17. Jakartaman says:

    Please government and lawyers save the poor dumb folk
    Drugs are a tooll – Use them correctly and all is fine use them for what they were not intended then you will have problems.
    A friend of mine got cancer 7 years ago and was put on Oxci Benn on it ever since and he could not survive without it.

    “Government is not the solution – Its the problem” — RR

  18. george says:

    Many people are addicted with never ending visits to doctors offices etc.
    Go figure.

  19. Does Trump need an executive order to stop the US military from shipping over 3000 tons of opium per year to pharmaceutical companies to ensure strong and sustainable profits? This opium crisis is new green deal population control and we are paying for it to boot. I thought murder was illegal. Ooops forgot,does not apply to demturds

  20. Stuart says:

    The latest “crisis” manufactured to give the bureaucrats another reason to control your life. It is always a “crisis”. Replace “opioid” with “handguns”. Would you feel the same?
    Incredible amounts of hypocrisy and stupidity voiced on this site. Such shallowness.

  21. grandee says:

    an alternative to opioids:

    ht tps://www.painpack.co/

    THE PAINPACK™ PROTOCOL – a new option for acute pain control

  22. Justin Case says:

    The religion of modern medicine is alive and well in America. These companies are all about making a profit, not about making people well. Vaccines should prove to everyone just how far Big Pharma is willing to go to sale their products and avoid responsibility to those they harm. If they will knowingly harm children, how can we trust anything they are selling?

  23. anonymous5 says:

    Most of you here don’t know your backside from a hole in the ground when it comes to the realities of chronic pain.

    Tell you what….let me come over to your place, tie your hands behind your back and then sling a rope over a rafter in your garage and pull your sorry carcass off the ground and leave you hanging for 20 minutes or so, and then we’d find out just what a real self-righteous hypocrite you really are. I’d lay you dollars to donuts you’d do ANYTHING to stop the pain.

    Has there been irresponsibility and yes…even criminal behavior with pharmaceutical companies and doctors? Yes. There has.

    But some of you morons want to throw the baby out with the bathwater.

    I have stage IV terminal cancer. The odds of me being alive in the next six months are pretty slim. Right now, I am wearing a 75mcg Fentanyl patch that I have to augment with 10/325 Hydrocodone every 6 hours that just barely keeps me out of pain if I don’t move around too much. Until 6 months ago, the only pain medication I was taking was an occasional tylenol….and I hated taking that. Now…if I don’t take at least the above medications, my pain level is off the charts. With medication I can function to a degree. Without it…all I can concentrate on is the pain.

    But some of you self-righteous hypocritical prigs would deny me that if you could. What wonderful gracious people you are.

    I’ve had 5 abdominal surgeries in the past 3 and half years. One of my nurses complained because I wouldn’t take any pain medication except tylenol. But some of you fine folk think I’m some kind of loser drug addict because I need it now.

    Frankly…I don’t understand why ANYONE takes any of these drugs recreationally. Prior to 2015, I didn’t take any of them. I hate taking them. I dislike Morphine in particular because it makes it difficult for me to concentrate and it gives me vivid, often very dark dreams. Fentanyl doesn’t do that to me. But I tell you…if I have to take morphine to stay out of pain, I will.

    But because some people abused these drugs…and some doctors over prescribed them, now people like myself have to suffer for it. And you morons would just add to that suffering. You should be ashamed of yourself…but you won’t be. Because you know it all. Yes sir…you got it all nailed down and got your ducks in a row.

    But I don’t know why any of you should care that someone like me…who will likely be dead within six months….might get addicted to a drug that can make my last days a bit more bearable.

    Like I said…you should be ashamed…but you won’t be. That’s too much for me to expect from this bunch.

    ’cause you folks just got it all figured out.

  24. Anonymous says:

    Anonymous5

    You make some very good points. If you hurt badly enough, you will eat your boot if that will help. I am truly sorry to hear of your condition. I also suffer from chronic pain though I am certain it’s not to the level you speak of. I decided many years ago that if a Dr. had never experienced that severe pain himself, even he could not understand how badly it hurts.

    Moral of this story, there are lots of people that live in pain everyday that without something to ease that pain have absolutely no quality of life. You should PRAY you never feel that level of pain yourself, nor the desparity that it will hurt the same or worse tomorrow and the next day and so on…there is no end….

    I wish you the best Anonymous5. The people that talk shit about a genuine need for pain relief, well you people are fukkin idiots. You know not that of which you speak. He is exactly correct, you should be ashamed of yourselves.

    I got lucky a few years and found an all natural pain reliever that works as good as morphine for me with absolutely no druggy feeling or negative side effects. You people that talked shit to this man owe him a sincere apology.

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