Pharmacy large Ceremony Assist, which is going through an onslaught of lawsuits over its alleged position within the opioid epidemic, is planning to file for chapter safety, in accordance with a report.
The corporate’s multibillion-dollar debt load and pending authorized allegations that it oversupplied prescription painkillers, can be lined below the Chapter 11 submitting, The Wall Road Journal reported on Friday, citing individuals acquainted with the matter.
Representatives for Ceremony Assist and the regulation agency reportedly dealing with the restructuring, Kirkland & Ellis LLP, didn’t instantly reply to FOX Enterprise’ request for remark.
DOJ SUES RITE AID FOR ALLEGED INVOLVEMENT IN OPIOID CRISIS
Ceremony Assist, one of many nation’s largest pharmacy chains with greater than 2,2000 places, is going through quite a few lawsuits for allegedly contributing to the opioid disaster that has taken a toll on communities across the nation.
DRUG DISTRIBUTOR CONTRIBUTED TO OPIOID CRISIS BY IGNORING SIGNS OF ABUSE, FEDS SAY
The Division of Justice filed a lawsuit towards Ceremony Assist earlier this yr claiming the corporate knowingly stuffed “illegal prescriptions for managed substances” in violation of the False Claims Act and Managed Substances Act.
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Ceremony Assist has denied allegations that it stuffed illegal prescriptions, the Journal reported. A chapter submitting would additionally halt these fits in the intervening time and supply the corporate one other pathway to resolve them, in accordance with the newspaper.
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