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Monday, 03/04/2019 4:04:26 PM

Monday, March 04, 2019 4:04:26 PM

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Painkiller Stocks In The Red On Possible Purdue Bankruptcy
Mar. 4, 2019 2:18 PM ET|About: AbbVie Inc. (ABBV)|By: Douglas W. House, SA News Editor
Click For Seeking Alpha Release


The broad market's down day notwithstanding, opioid drugmakers are under modest pressure in apparent response to a report that privately held Purdue Pharma is mulling a Chapter 11 bankruptcy filing to protect itself from the ~2,000 lawsuits against it related to its marketing practices for OxyContin (oxycodone HCl), the "poster child" painkiller in the U.S. opioid crisis.

* More than 1,600 of the cases are consolidated in an Ohio federal court.

* In 2007, the company and three executives pleaded guilty in to federal charges of misbranding OxyContin and agreed to pay $634.5M in penalties.




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