Mallinckrodt Becomes The Third Major Opioid Producer To File For Bankruptcy
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COVID-19 has been extremely trying for so many families and businesses, but it's not the only ongoing public health crisis.
The opioid epidemic, which has claimed 450,000 lives over the last two decades, has only gotten worse during coronavirus.
Yesterday, publicly traded Mallinckrodt Pharmaceuticals became the third major opioid manufacturer to file for bankruptcy protection over the last 18 months.
The Story
Mallinckrodt, which manufactures more opioids than any other company in the U.S., has been hit with more than 3,000 individual lawsuits accusing the company of deceptive marketing practices and illegally promoting the use of addictive pain killers.
Monday's bankruptcy announcement comes after the company reached an agreement with 50 states and a steering committee of local governments and Native American tribes. As part of the proposed settlement:
Source Fool.com
