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Drugmaker Insys shares tank after saying opioid lawsuits may force it into bankruptcy

Ashley Turner

A Boston jury convicted Insys founder John Kapoor and four former executives of racketeering and other crimes in a fentanyl bribery case that federal prosecutors say helped fuel the U.S. opioid epidemic. Insys Therapeutics INSY 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 tactics of one of its popular opioids. 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.