Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
CHANDLER, Ariz. (AP) — An opioid manufacturing company whose founder was convicted of racketeering conspiracy for bribing doctors to prescribe its highly addictive fentanyl spray has filed for bankruptcy protection.
Chandler, Arizona-based Insys Therapeutics filed a voluntary bankruptcy petition on Tuesday and said it planned to sell all its assets and address its legal liabilities. They include $225 million the company agreed to pay earlier this month to settle federal criminal and civil charges.
Insys Founder John Kapoor and four other former executives were convicted in Boston last month of running the bribery scheme. They face 20-year prison terms but are challenging their convictions.
The company has seen the value of its stock evaporate in recent years as it battled the charges. The filing says Kapoor owns 63% of the outstanding stock.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
