The pharmaceutical company Purdue Pharma creators of the prescription drug OxyCotin are reportedly exploring the possibility of filing for Chapter 11 bankruptcy due to mounting legal costs, according to an article by Reuters.
What would be the significance behind the filing?
Filing for bankruptcy would show that the Sackler family who own Purdue Pharma, are facing pressure to respond to the ongoing litigation claims. Furthermore, it would halt all lawsuits and allow the company to negotiate under a U.S. bankruptcy judge.
How has the company responded to the lawsuits so far?
So far the company has denied all charges brought against them, saying that the U.S. Food and Drug Administration (FDA) had approved labels noting that the drug came with warnings relating to possible misuse and abuse of the drug.
Who has filed lawsuits against the company?
While multiple lawsuits have been filed against the company, Massachusetts Attorney General Maura Healy became the first attorney general ever to bring a lawsuit against the Sackler family over deceptive marketing claims, as well as alleging the family knew the dangerous addictive quality of the drug (read more about that lawsuit here).
I have been injured as a result of using OxyCotin. What are my options?
If you or a loved one have been affected through the use of OxyCotin contact our office at (303) 327-9988 to schedule a free consultation and speak with one of our experienced attorneys. Please also visit our practice area page on pharmaceutical drugs here for additional information.