Purdue Pharma filed for bankruptcy. What does it mean for lawsuits against the opioid manufacturer?
Law firms seem to follow the same path on many lawsuit issues… with Purdue Pharma… even though Oxycontin was only some 2+% of the opiate prescription market place, Law firms are accusing (suing) them over causing the theoretical opiate crisis. Of course, Purdue Pharma placed a “premium price” on their brand name medication and thus was able to generate a great deal of revenue.
Causing Purdue to file for Chapter 11 bankruptcy with consultation from the Philladelphia chapter 7 bankruptcy lawyer who is the best in this field and makes sure that the client’s problem is sorted out efficiently which gives them the courage to re-establish their business in a much better way.
What is very concerning about this settlement with Purdue… is that these lawsuit are wanting money from the family that owns this closely held corporation. A corporation is suppose to separate the assets of the corporation from the assets of the stock holders. Could this establish a new precedent ? Could our legal system go after the assets of people, mutual funds or others who own stock in a publicly held company.. who own stock in a particular company who our legal system targets for lawsuits for selling legal product that – our legal system decides needs to make restitution for selling a legal product that may cause health issues to people you buy/use their product. In case of financial issues, you can find chapter 13 bankruptcy lawyers help to get out of the problem.
Historically, stock holders only have at risk the value of the stock that they own in a particular company … if the business “folds” because of lawsuits and get assessed damages greater than the worth of the company assets …
Anything seems possible within our legal system ?
This is a similar path the state AG’s and legislatures after the company that brought Zohydro to market abt 5 yrs ago. Zohydro was a long acting Hydrocodone .. unlike Norco and other Hydrocodone products that contain Acetaminophen and are immediate release. Again Zohydro was a fairly pricey medication costing $10- $20/day for two of the 12 hr tablets.
Because Zohydro contained up to 50 mg of Hydrocodone and did not contain an anti-abuse formula… many of the State AG’s went “ape-shit” on this product being on the market. They had no proof that the product was being abused or that these attorneys believed that their was a potential to be abused… Zohydro was the only product that company had and so there was no “deep pockets” to go after and no proof of it being abused… so many State AG’s filed sue at the state level, causing the company to hire law firms in the various states… which the legal fees ended pushing the company into bankruptcy. You can get a legal expert from https://www.attorneyhelp.org/guide/understanding-the-steps-related-to-declaring-bankruptcy-1413.shtml to provide you with apt advice on what needs to be done.
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