Stocks of drug maker Mallinckrodt Plc slumped more than 40% Wednesday after the market close, following a report by Bloomberg that the company was considering filing for bankruptcy as it faces a wave of opioid lawsuits.
that the company was considering filing for bankruptcy as it faces a wave of opioid lawsuits.
The report states that the company has hired law firm Latham & Watkins LLP and consulting firm AlixPartners LLP to advise on any potential moves. The government alleges that from 2009 to 2013, 12 Questcor sales reps marketing the company's drug, H.P. Acthar Gel , provided illegal remuneration to health care providers in the form of expensive meals and entertainment, in violation of the Anti-Kickback Statute.
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