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Opioid Maker Insys Plunges on Warning of Possible Bankruptcy (2)

May 13, 2019, 12:51 PMUpdated: May 13, 2019, 6:17 PM

Insys Therapeutics Inc. shares sank after the company warned that it may seek bankruptcy protection after bleeding tens of millions of dollars on legal settlements and defending former executives convicted of bribing doctors to prescribe a powerful opioid.

Insys said late Friday, May 10, that it had $87.6 million in cash and equivalents at the end of the first quarter and $240.3 million in liabilities. It said it also may not be able to complete a $150 million settlement with the U.S. Justice Department over illegal marketing of its Subsys drug.

“These factors raise substantial doubt about the company’s ability...

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