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Insys Therapeutics Sinks After Filing for Bankruptcy

Tony Owusu

was down 36% in trading Monday after the company announced it will be filing for Chapter 11 bankruptcy protection due to the financial burden from litigation tied to its role in the opioid crisis in the United States. It said it would continue to operate its business "in the ordinary course" while it sells off its assets through bankruptcy court. Just last week, Insys agreed to pay $225 million to settle federal charges over its opioid sales.