Insys Hits Ch. 11 After $225M Kickback Settlement

Law360, Boston (June 10, 2019, 10:18 AM EDT) -- Facing a bevy of lawsuits and declining sales for its flagship opioid, Insys Therapeutics filed for Chapter 11 protection Monday in Delaware with plans to sell the company in a bankruptcy auction, listing liabilities totaling $262.5 million, days after a $225 million settlement resolved kickback claims.

Insys founder John N. Kapoor, center in this photo from last month, was recently convicted of racketeering charges in connection to the company's alleged bribery and kickback scheme. The company owes a substantial amount of money to law firms that have defended Kapoor and the company since a government investigation began years ago. (Getty)   Insys Therapeutics Inc.'s...

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