Oxycontin maker Purdue finally files for Chapter 11 Bankruptcy


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Oxycontin maker Purdue finally files for Chapter 11 Bankruptcy

On Sunday night, the 15th of September 2019, opioid painkiller Oxycontin-make Purdue Pharma LP, a privately held pharmaceutical based on Stamford, Connecticut and owned by a wealthy Sackler family, had finally filed for a Chapter 11 Bankruptcy protection after facing off overwhelming stress from more than 2,600 lawsuits accusing the company of alleged spurring of an opioid epidemic across the United States by aggressive marketing policy which involved an undermining of Oxycontin’s abuse efficacy to both physicians and pharmaceutical industries.

According to latest US data, more than 400,000 people died between 1999 and 2017 from opioid overdose, while a judge last Friday (September 13th) said in a seperate hearing related to deadly opioid abuse in the United States that every 15 seconds a US citizen was dying from opioid overdose, while pharmaceuticals likes of Oxycontin maker Perdue Pharma LP, which had already pocketed billions by making millions of US citizens abused to a deadly painkiller such as opioid had still been operating freely.

Nonetheless, shortly after a brief meet of Purdue Pharma board on the eve of Sunday (September 15th), the company had filed for a Chapter 11 bankruptcy protection in a federal bankruptcy court in White Plains, NY, in a bid to reach a tentative settlement deal with more than 24 states alongside five US territories and plaintiffs of more than 2,000 US cities, counties, the company said in a statement on Monday (September 16th).