Sun03242019

Robins Global News & Noticias



  • Featured Guest Post
    Featured Guest Post
  • Featured Guest Post
    Featured Guest Post
  • Featured Guest Post
    Featured Guest Post
  • Featured Guest Post
    Featured Guest Post
  • Trump Pence News
    Trump Pence News
  • Weather Alerts
    Weather Alerts

RobinsPost News Network

+ Larger Font | + Smaller Font

Consumer Daily Reports

Consumer News: Purdue Pharma CEO says bankruptcy ‘is an option’

PhotoFacing hundreds of lawsuits by everyone from consumers to state governments, Purdue Pharma is keeping the bankruptcy option on the table.

Purdue produces the opioid painkiller OxyContin, which has been prescribed for years but has also proved to be highly addictive. In recent years, pharmaceutical companies that make opioid drugs have come under fire for allegedly misrepresenting their drugs’ addictive properties.

In an interview with the Washington Post, Purdue CEO Craig Landau said no decision has been made, but it’s a prospect that could be considered if Purdue becomes an increasing target of litigation.

“It is an option,” Landau told the Post. “We are considering it, but we’ve really made no decisions on what course of actions to pursue. A lot depends on what unfolds in the weeks and months ahead.”

Declaring Chapter 11 bankruptcy could shield the company from massive court judgments should it be found liable for deaths, injuries, and medical costs. At least 22 states and several Indian tribes have already sued the company seeking damages.

Purdue denies the allegations

After six states sued the company last May, Purdue noted that its products are approved by the Food and Drug Administration (FDA) and accounted for only 2 percent of all opioid prescriptions. To date, it has vigorously denied allegations leveled in all lawsuits.

Meanwhile, the Raleigh News & Observer reports North Carolina Attorney General Josh Stein may be maneuvering to prevent Purdue Pharma from escaping all financial penalties connected to the opioid crisis.

Stein is reportedly pressing Purdue for documents related to money received by the family that owns the company. The newspaper suggests that money received from the company by the owners, in the form of salaries and bonuses, might not be covered by bankruptcy.

“Our office is looking for more information about Purdue’s finances,” Stein’s spokeswoman, Laura Brewer, told the newspaper.

Court case could limit states’ rights

Late last year, Stein filed an amicus brief to uphold the rights of states to sue pharmaceutical companies that mislead consumers about the potential side effects of their products. The brief was filed in a case against Merck, claiming that drug company can be held liable under state law for misleading and misrepresenting the side effects of a drug

“When drug companies deceive patients or prescribers about their products, they put patients’ health on the line,” Stein said.

Stein has already filed lawsuits against several drug companies he accuses of fueling the opioid epidemic in his state.



Posted: 2019-03-14 14:37:17

Get Full News Story On Consumer Affairs


Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.






Print Friendly and PDF Share Embed


Related News Stories From The Web And More

Related Bing News

Consumer News: Purdue Pharma CEO says bankruptcy ‘is an option’ | Consumer Daily Reports | RobinsPost News Network - Newscast

Purdue Pharma says bankruptcy 'is an option'

Thu, 21 Mar 2019 13:27:00 GMT

HUNTINGTON - As cities and states across the nation grapple with the opioid epidemic and point the finger at the drug manufacturing and distribution industries, Purdue Pharma says bankruptcy is an ...

Facing Lawsuits Over Opioid Epidemic, Purdue Pharma Considers Bankruptcy

Sat, 16 Mar 2019 03:09:00 GMT

One option the ... is to file for bankruptcy. RACHEL MARTIN, HOST: Lawsuits connected to opioids have been really bad for drug makers. And this year alone, there have been a lot of them - so many that ...

Purdue Pharma CEO says bankruptcy ‘is an option’

Thu, 14 Mar 2019 08:22:00 GMT

Facing hundreds of lawsuits by everyone from consumers to state governments, Purdue Pharma is keeping the bankruptcy option on the table ... Meanwhile, the Raleigh News & Observer reports North ...

Opioids maker Purdue: Bankruptcy is an option

Wed, 13 Mar 2019 17:09:00 GMT

Purdue Pharma's ... whether to file bankruptcy, but he said it is something the company is weighing as it considers the impact of potential legal settlements or jury verdicts that could cost tens of ...

Purdue Pharma weighs bankruptcy, announces development of fentanyl antidote

Wed, 13 Mar 2019 16:58:00 GMT

WASHINGTON — Purdue Pharma ... bankruptcy protection, but he said it is something the company is weighing as it considers the impact of potential legal settlements or jury verdicts that could cost ...

Related Bing Web Search

Purdue Pharma: Bankruptcy filing would make lawsuits ...

(Wed, 13 Mar 2019 11:00:00 GMT)

(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.) A report that Purdue Pharma may file for bankruptcy has many wondering how ...

Health Care - The Washington Post

(Tue, 19 Mar 2019 15:32:00 GMT)

Only 7 of 42 House Democrats who flipped GOP-held districts in 2018 are co-sponsoring the measure.

Biotech and Pharmaceuticals - Stock Markets, Business News ...

(Wed, 20 Mar 2019 21:29:00 GMT)

Latest news for pharmaceuticals, biotechnology and life sciences.

e-Edition | williamsondailynews.com

(Wed, 20 Mar 2019 13:01:00 GMT)

Williamson, WV (25661) Today. Abundant sunshine. High 54F. Winds light and variable..

Prescription Addiction: Big Pharma and the Opioid Epidemic

(Thu, 14 Dec 2017 23:55:00 GMT)

The medical establishment completely changed its approach to opioid prescriptions about 20 years ago. The turnaround was orchestrated by drug makers that unleashed the opioid crisis that now grips the United States. From as far back as 1911 until the late 1990s, the use of opioids, or narcotics, was ...

Pharmaceutical Corporations and Medical Research — Global ...

(Tue, 19 Mar 2019 04:19:00 GMT)

Pharmaceutical companies have contributed to people’s improved health and prolonged life, generally speaking. Research and development of drugs that are brought to market can be costly and there are strict regulations and requirements that companies must follow in most countries.

Martin Shkreli - Wikipedia

(Wed, 20 Mar 2019 00:08:00 GMT)

Martin Shkreli (/ ˈ ʃ k r ɛ l i /; born March 17, 1983) is an American businessman, former hedge fund manager, and convicted felon. He was the co-founder of the hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare; co-founder and former chief executive officer (CEO) of the biotechnology firm Retrophin; and founder and former CEO of Turing Pharmaceuticals.

CRG's Exotic Loan Covenants Put Synergy On The Verge Of ...

(Thu, 08 Nov 2018 16:35:00 GMT)

Investors in Synergy Pharmaceuticals have been completely perplexed and caught off-guard by a press release from the company warning that it could seek bankruptcy protection from its creditors ...

Products | Bloomberg BNA

(Tue, 19 Mar 2019 01:13:00 GMT)

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Philadelphia News - philly.com

(Wed, 20 Mar 2019 07:31:00 GMT)

Philadelphia news from Philly.com, The Philadelphia Inquirer and Philadelphia Daily News.

Related News Story Videos From Youtube

Maker of OxyContin faces potential bankruptcy


Related Videos On: Maker of OxyContin faces potential bankruptcy


The Big Picture - Jet Turbulence


Related Videos On: The Big Picture - Jet Turbulence


6 Biotech Stocks to Watch in 2019


Related Videos On: 6 Biotech Stocks to Watch in 2019


Insolvency Diaries: 28 December 2018


Related Videos On: Insolvency Diaries: 28 December 2018


What Happens When a Company You Own Stock in is Bought?


Related Videos On: What Happens When a Company You Own Stock in is Bought?






Blow Us A Whistle

Comments (Whistles) Designed By Disqus




Company Information

Official Content Providers











PRIVACY POLICY

We recommend Firefox 3 (and above), Edge, and Chrome for dynamic performance.
© 2008-2019 RobinsPost (The Bird's Eye View Company) All rights are reserved.
RobinsPost provides links to news sites based on their RSS feeds.
All trademarks, copyrights, videos, photos and logos are owned by news sources.
News stories, videos and live streams are from trusted sources.
ROBINSPOST Is Proudly Made In America.
Where Quality, Safety and Service Comes First.