Insys Therapeutics shares tanked Monday morning after the company said it may have to file for bankruptcy because it can't afford legal costs related to a Department of Justice investigation into the company's sales practices of one of its popular opioids.
Insys Therapeutics shares tanked Monday after the company said it may have to file for bankruptcy because it can't afford legal costs related to a DOJ investigation.
The company said investors would likely lose part or all of their investment if it could not complete the sale of its opioid-related assets. Insys said it had $87.6 million in cash and cash equivalents at the end of March, which falls short of the $150 million tentative settlement the company made with the Department of Justice to settle claims that the company bribed doctors to unnecessarily prescribe its fentanyl-based drug Subsys, which is meant to treat cancer patients.
Prosecutors said Kapoor and the other executives bribed doctors to prescribe Subsys mostly through "sham" programs that were meant to increase brand awareness for their drug. Instead, prosecutors alleged Insys used the programs as a way to pay practitioners to over-prescribe Subsys.
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