Purdue Pharma's CEO said a bankruptcy filing is on the table as lawsuits alleging the drugmaker fueled the nation's opioid crisis pile up, according to The Washington Post.
While Purdue Pharma has yet to decide if it will declare bankruptcy, the company is considering the option, as billions of dollars at stake if they are found liable, Purdue Pharma's president and CEO Craig Landau told The Washington Post.
"It is an option," Mr. Landau said. "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."
Purdue Pharma, and its wealthy owners, the Sackler family, face claims that they played a key role in driving the opioid crisis by misleading physicians and patients about the risks of the addictive drug to boost profits. Purdue Pharma denies the allegations.
Filing for Chapter 11 bankruptcy protection would halt the lawsuits, allowing the drugmaker to negotiate legal claims under the supervision of a U.S. bankruptcy judge. It often is more difficult for plaintiffs to secure judgements in bankruptcy court, according to the report.
Read the full report here.