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Shares of Insys Therapeutics Inc (NASDAQ:INSY) plummeted as low as $4.10 Tuesday morning as the company faces a notable legal battle concerning its founder John Kapoor.
Kapoor resigned from Insys' board of directors over the weekend after he was arrested last week. The executive is said to have been involved in a scheme in which he allegedly bribed doctors to prescribe patients with a fentanyl-based cancer pain drug.
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Kapoor's alleged crime comes at a time when the Trump administration is looking to tackle the concerning opioid epidemic.
"I am confident that I have committed no crimes and believe I will be fully vindicated after trial," Fortune quoted Kapoor as saying in a statement on Sunday.
Another board member, Patrick Fourteau, also resigned due to "personal reasons."
Insys said in a regulatory filing it has set aside $150 million in connection with the Department of Justice investigation, which "represents the Company's best estimate of the minimum liability exposure the Company expects to pay over five years in connection with this matter."
The Department of Justice has not accepted Insys' offer and there are no assurances that "future discussions with the government to resolve these matters will be successful," the company also said.
INsys traded around $5.20 at time of publication, down 9.2 percent.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.