Scandal-prone Subsys maker Insys falls as auditor flags going concern doubt
After hiring Lazard in the fourth quarter for counsel on capital planning and strategic alternatives, the auditor of the controversial opioid painkiller maker Insys Therapeutics has raised doubts on the drugmaker’s ability to continue as a going concern.
Insys has a contentious past it is now paying for in millions with legal fees — its former executives are embroiled in court for allegedly bribing doctors to prescribe its potent, addictive fentanyl spray Subsys off-label, by wining and dining them, paying them to speak at “educational events” and in one case even a lap dance. Meanwhile, the drugmaker’s billionaire founder and chief John Kapoor is on trial for racketeering and conspiracy associated with Subsys sales.
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