Facing more than 1,000 lawsuits, Purdue Pharma is exploring filing for bankruptcy, people familiar with the matter told Reuters Monday.
Purdue Pharma makes OxyContin, and the lawsuits allege the company was a major contributor to the nation's opioid crisis by not being up front with doctors and patients about long-term use of the powerful drug. Filing for Chapter 11 bankruptcy would halt those suits, Reuters reports, and Purdue could negotiate with plaintiffs under the supervision of a bankruptcy judge. People with knowledge of the matter said no final decision has been made, and Purdue could decide to continue to fight the lawsuits instead.
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