Fact Check: "Purdue Pharma introduced OxyContin in the 1990s and filed for Chapter 11 bankruptcy in 2019 after being sued thousands of times."
What We Know
Purdue Pharma, a privately held pharmaceutical company, began marketing the prescription opioid OxyContin in 1996. This drug has been linked to the opioid crisis in the United States, contributing to significant public health issues and generating over $30 billion in sales revenue (Purdue Pharma Bankruptcy Transcripts Collection). In response to the numerous lawsuits related to its role in the opioid epidemic, Purdue Pharma filed for Chapter 11 bankruptcy on September 15, 2019. This bankruptcy filing was aimed at resolving thousands of opioid-related lawsuits against the company (Purdue Pharma, Maker of OxyContin, Files for Bankruptcy).
Purdue Pharma has faced legal challenges before; it pleaded guilty to federal criminal charges in 2007 and again in 2020 regarding the illegal marketing and sale of OxyContin (Purdue Pharma Bankruptcy Transcripts Collection). The bankruptcy plan was confirmed by the Bankruptcy Court in September 2021 but faced subsequent legal challenges, including a ruling by the District Court in December 2021 that vacated the plan due to statutory authority issues (Harrington v. Purdue Pharma: Supreme Court Holds That a ...).
Analysis
The claim that Purdue Pharma introduced OxyContin in the 1990s and filed for Chapter 11 bankruptcy in 2019 is substantiated by multiple reliable sources. The timeline of events is well-documented: Purdue Pharma launched OxyContin in 1996 and subsequently became embroiled in numerous lawsuits due to its marketing practices and the drug's role in the opioid crisis (Purdue Pharma L.P.: A Bankruptcy of Epidemic Proportion).
The bankruptcy filing in 2019 was a direct response to the overwhelming number of lawsuits, which included claims from states, municipalities, and individuals affected by the opioid epidemic (Purdue Pharma, Maker of OxyContin, Files for Bankruptcy). The legal proceedings surrounding Purdue Pharma's bankruptcy have been complex, involving appeals and rulings from various courts, including the Supreme Court, which has addressed the legality of certain aspects of the bankruptcy plan (23-124 Harrington v. Purdue Pharma L.P. (06/27/24)).
The sources used in this analysis are credible, including legal documents, news articles from established outlets, and official court rulings. They provide a comprehensive view of Purdue Pharma's history, the introduction of OxyContin, and the subsequent legal challenges faced by the company.
Conclusion
Verdict: True
The claim that Purdue Pharma introduced OxyContin in the 1990s and filed for Chapter 11 bankruptcy in 2019 after being sued thousands of times is accurate. The evidence from multiple reliable sources confirms the timeline and context of these events, highlighting the significant impact of OxyContin on public health and the legal ramifications faced by Purdue Pharma.
Sources
- Purdue Pharma Bankruptcy Transcripts Collection
- 23-124 Harrington v. Purdue Pharma L.P. (06/27/24)
- Harrington v. Purdue Pharma: Supreme Court Holds That a ...
- Purdue Pharma L.P.: A Bankruptcy of Epidemic Proportion
- HARRINGTON v. PURDUE PHARMA L.P., ET AL.
- PDF Supreme Court of The United States
- SETTLEMENT AGREEMENT
- Purdue Pharma, Maker of OxyContin, Files for Bankruptcy
