Connect with us
DAPA Banner

Business

Purdue Pharma sentenced and ordered to pay $5.5 billion in opioid case

Published

on

Purdue Pharma sentenced and ordered to pay $5.5 billion in opioid case

Purdue Pharma, the manufacturer of OxyContin, was sentenced in federal court on Tuesday and ordered to pay $5.5 billion for its role in fueling the opioid epidemic.

The sentencing comes after Purdue pleaded guilty in 2020 on charges of deceiving federal regulators and paying doctors to boost opioid sales. According to court documents, Purdue illegally marketed its opioid products, defrauded the DEA by misrepresenting the effectiveness of its programs and paid kickbacks to doctors through its doctor speaker program.

Advertisement

“Purdue Pharma put profits over patient health and safety,” said Acting Attorney General Todd Blanche. “The company willfully rejected the law and ignored the diversion of their highly addictive prescription drugs. Their actions contributed to the opioid crisis that claimed countless lives and destroyed entire families and communities.”

“The opioid epidemic in the United States is a plague that has ruined lives and destroyed families,” said FBI Director Kash Patel. “Purdue Pharma complicitly contributed to this national epidemic in the name of their own greed by blatantly ignoring the health and safety of patients, putting countless lives at risk. The FBI and our DOJ partners will always work tirelessly to ensure that companies, like Pharma, pay for the harm they have inflicted and warn others that they will not get away with violating the law for personal gain.”

SOUTH CAROLINA AG WILSON: FENTANYL IS A NATIONAL SECURITY THREAT — FOLLOW THE CHINESE MONEY

Oxycontin

OxyContin maker Purdue Pharma was ordered to pay $5.5 billion as its sentence in an opioid epidemic-related criminal case. (Getty Images)

The court ordered Purdue to pay a criminal fine of $3.544 billion, which will be assessed in connection with the bankruptcy proceedings, and an additional $2 billion in criminal forfeiture, the DOJ says.

Advertisement

U.S. District Judge Madeline Cox Arleo ordered Purdue Chairman Steve Miller to apologize directly to victims of the opioid pandemic who were in the courthouse on Tuesday.

Arleo allowed nearly seven hours of testimony from victims who spoke about Purdue’s role in the opioid epidemic.

BIPARTISAN BILL SEEKS TO STOP PHARMACY MIDDLEMEN FROM DRIVING UP DRUG COSTS FOR FINANCIAL GAIN

A pharmacy tech pulls medication from a shelf inside a pharmacy

A pharmacy tech pulls medication from a shelf inside a pharmacy in Provo, Utah on Aug. 7, 2025. (George Frey/Bloomberg via Getty Images)

“We are deeply apologetic for all of the things that happened that were described in colorful detail ⁠by all the victims here today,” Miller said, adding that the company, “deeply regrets and accepts responsibility.”

Advertisement

Arleo also said authorities repeatedly failed to rein in Purdue.

Todd Blanche

Acting Attorney General Todd Blanche. (Alex Wroblewski/AFP via Getty Images)

CLICK HERE TO GET FOX BUSINESS ON THE GO

“Your government failed you,” Arleo said. “The inadequacy of what the law can offer today must be plainly stated.”

Purdue Pharma, which was already preparing to pay $7.4 billion as part of a bankruptcy deal, addressed Tuesday’s sentence in a message on its website, noting that the company will cease to operate later this week.

Advertisement

“On April 28, 2026, the U.S. District Court for the District of New Jersey sentenced Purdue Pharma L.P. in connection with its 2020 Plea Agreement with the U.S. Department of Justice. Purdue is operating as usual and without interruption until May 1, 2026, when it will permanently cease operations,” the message said. “On that day, substantially all of Purdue’s assets will be transferred to a newly formed company, Knoa Pharma LLC. Medicines distributed though Purdue will then be distributed by Knoa Pharma.”

Reuters contributed to this report.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

PTC Therapeutics, Inc. (PTCT) Discusses 24-Month Interim Results of PIVOT-HD Long-Term Extension Study of Votoplam in Huntington's Disease – Slideshow

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

PTC Therapeutics, Inc. (PTCT) Discusses 24-Month Interim Results of PIVOT-HD Long-Term Extension Study of Votoplam in Huntington's Disease – Slideshow

Continue Reading

Business

'Numbskull, moron and too stupid': Trump and Powell's biggest clashes

Published

on

'Numbskull, moron and too stupid': Trump and Powell's biggest clashes

How the US President Donald Trump and Federal Reserve chair Jerome Powell came to blows.

Continue Reading

Business

OpenAI Worries Spark Tech Stocks Selloff

Published

on

Stocks Little Changed After Fed Decision

OpenAI Worries Spark Tech Stocks Selloff

Continue Reading

Business

Vijay Kedia-backed Websol Energy shares jump 45% in six days. What’s driving the rally?

Published

on

Vijay Kedia-backed Websol Energy shares jump 45% in six days. What's driving the rally?
Shares of solar cell manufacturer Websol Energy System jumped 5% to hit the upper circuit for the third consecutive session on Wednesday, rallying 45% in six days as strong quarterly earnings and fresh purchases by ace investor Vijay Kedia boosted investor sentiment.

Shares of the company were trading at Rs 128.31 apiece on Wednesday morning. Notably, the stock has rallied a whopping 155% in less than two months, after hitting a 52-week low of Rs 50.40 per share on March 9 this year.

Websol Energy’s strong Q4 earnings

The company, on Monday, released its results for the January-March quarter of FY2026. Net profit soared 158% YoY to Rs 125 crore in Q4 FY26 from Rs 48 crore in Q4 FY25. The firm’s revenue from operations, meanwhile, zoomed 132% to Rs 401 crore during the quarter under review, from Rs 173 crore in the corresponding quarter of the previous financial year.

Advertisement

Sequentially, the solar module-maker’s net profit grew 92% from the Rs 65 crore reported in the October-December quarter of the same financial year. Revenue grew 54% quarter-over-quarter (QoQ).

India’s solar manufacturing sector continues to benefit from strong structural tailwinds, including ambitious renewable capacity targets, supportive government policies such as PLI and ALMM, and increasing domestic demand for high-efficiency solar products, Websol said in a media release. “With a strengthened manufacturing base, improving utilisation levels, and a clear roadmap for expansion and integration, Websol is well positioned to capitalise on these opportunities,” the release added.


Commenting on the performance, Managing Director Sohan Lal Agarwal said ‘FY26 has been a landmark year for Websol as the commissioning of Cell Line-2 not only enhanced the company’s capacity but also reinforced the core strength of the business.

Vijay Kedia buys Websol Energy shares

The stock recently grabbed headlines after the latest data on the company’s shareholding pattern showed that ace investor Vijay Kedia purchased shares of the company.Vijay Kedia was one of the largest public individual shareholders in the company, after Amit Mishra, according to data on Websol’s shareholding pattern as of March 31, 2026. Notably, Kedia’s name did not appear in the company’s shareholding data as of March 13, which was published following a preferential allotment of warrants after a stock split.

Also read: Maruti Suzuki shares jump 4% after Q4 results. What Jefferies, Goldman Sachs and HSBC recommend now

Advertisement

At the stock’s previous closing price of Rs 122.20 apiece on NSE, Kedia’s holding of 44.44 lakh shares would be worth more than Rs 54 crore. The exact price at which the veteran market investor may have bought the shares is unknown. Also, it is important to note that companies are required to disclose shareholders’ names in the shareholding pattern only when their total stake crosses 1%. This means that it is not possible to ascertain whether Kedia added the stock to his portfolio in March or simply bought more shares to his existing holding.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Continue Reading

Business

Strong Choices for High-Pressure Disputes

Published

on

UK housebuilding has fallen to its weakest level since the Covid-19 lockdowns of 2020, underlining the scale of the challenge facing ministers as they attempt to revive construction and meet housing targets.

Construction adjudication remains a central route for resolving disputes across the UK construction market at speed.

Whether the issue involves interim payments, final account valuations, defects, delay, or differing interpretations of contract terms, adjudication is a deadline-driven process where preparation and tactical decision-making matter.

As margins tighten and scrutiny increases across the sector, many parties are prioritising solicitors who combine adjudication fluency with commercial realism and, where appropriate, flexible fee options. Independent guides such as Legal 500 and Chambers & Partners continue to influence buying decisions by highlighting teams with sustained recognition and consistent client feedback.

Below is a refreshed selection of construction adjudication solicitors for 2026. Each firm listed is known for supporting clients through complex disputes, with different strengths depending on project type, scale, and risk appetite.

1. Helix Law

Best for: Partner-led strategy on complex, high-value adjudications and enforcement

Advertisement

Helix Law is regularly instructed on technically demanding adjudications and is recognised in both Legal 500 and Chambers & Partners. The firm is often engaged on payment disputes, adjudications under the Housing Grants, Construction and Regeneration Act, and multi-party disagreements where speed and careful positioning are essential.

A key differentiator is its partner-led approach, giving clients senior input from the start rather than later-stage supervision. The team blends contentious construction experience with a commercial focus on cash flow, leverage, and project continuity. Helix Law is also noted for adopting legal technology and exploring alternative pricing or funding arrangements where suitable, helping clients manage cost alongside urgency.

Key Services:

  • Running and defending construction adjudications
  • Payment disputes, including “smash and grab” claims
  • Final account and valuation challenges
  • Contract interpretation, compliance, and enforcement
  • Defects, variations, and delay or disruption claims
  • High Court enforcement of adjudication decisions

Pros:

  • Recognised in leading independent legal directories
  • Senior, partner-led case direction from the outset
  • Commercially focused, fast-moving approach aligned to adjudication timetables
  • Experience with complex, high-value disputes and multi-party issues
  • Flexible mindset on technology and dispute funding options

Cons:

  • Boutique profile may suit clients seeking depth over broad national footprint
  • Strategic intensity may be more than is needed for very small claims

2. Sharpe Pritchard Solicitors

Sharpe Pritchard is well known for construction law, particularly where public sector bodies, infrastructure schemes, or regulated procurement environments shape the dispute. The firm frequently supports parties through adjudication in complex project settings and is experienced in navigating governance and stakeholder considerations alongside the legal issues.

Key Services:

Advertisement
  • Construction adjudication
  • Public sector and infrastructure disputes
  • Contract management and dispute avoidance support

Pros:

  • Strong public sector and infrastructure capability
  • Experienced construction specialists
  • Comfortable with complex project frameworks

Cons:

  • May be less oriented toward smaller private-sector disputes
  • Public-sector focus may not match all client profiles

3. JMW Solicitors

JMW Solicitors advises businesses involved across the construction supply chain, handling adjudications as part of a broader commercial disputes offering. The team supports parties seeking quick outcomes and pragmatic resolution, including payment recovery and contract-based claims.

Key Services:

  • Adjudication support and dispute management
  • Construction and engineering contract disputes
  • Payment recovery and related litigation

Pros:

  • Broad commercial disputes strength
  • Practical approach suited to time-sensitive disputes

Cons:

  • Wider caseload may mean clients should clarify lead solicitor availability
  • Not solely focused on construction adjudication work

4. Myerson Solicitors

Myerson Solicitors is a well-established regional firm providing construction dispute services, including adjudication. The team supports developers and businesses with contract disputes and valuation issues, often acting for SMEs and owner-managed organisations that value responsive advice.

Key Services:

  • Construction adjudication
  • Contract disputes and risk guidance
  • Final account and valuation disagreements

Pros:

  • Strong regional presence and established dispute capability
  • Good fit for SMEs and mid-market clients

Cons:

  • Largely UK domestic focus
  • Less emphasis on cross-border construction disputes

5. B P Collins Solicitors

B P Collins supports clients through construction disputes with a focus on sensible resolution pathways, including adjudication, mediation, and negotiated settlement. The firm is often chosen for relationship-driven advice and a balanced approach to contentious matters.

Key Services:

  • Adjudication and construction disputes
  • Contract claims and negotiation support
  • Mediation and alternative dispute resolution

Pros:

  • Strong client service and settlement capability
  • Balanced approach between dispute escalation and resolution

Cons:

  • Less visible in very high-value enforcement work
  • Regional profile rather than national construction disputes brand

6. MJD Solicitors

MJD Solicitors advises on construction adjudication with an emphasis on practical case handling and cost control. The firm supports contractors, subcontractors, and developers dealing with payment and performance disputes, particularly where decisive action is needed to protect cash flow.

Key Services:

Advertisement
  • Construction adjudication
  • Payment disputes and contractual claims
  • Delay, disruption, and associated loss claims

Pros:

  • Practical, cost-aware advice
  • Strong understanding of contractor-side pressures

Cons:

  • Smaller team capacity for multiple concurrent large disputes
  • Lower public visibility on major enforcement outcomes

7. LEXLAW Solicitors

LEXLAW Solicitors is primarily known for dispute resolution and litigation, including construction-related claims where adjudication, court enforcement, or robust contractual arguments are required. The firm may be suited to parties looking for assertive dispute strategy and strong litigation experience.

Key Services:

  • Construction disputes and adjudication support
  • Contract litigation
  • Enforcement proceedings

Pros:

  • Litigation-led approach
  • Strong focus on dispute strategy and leverage

Cons:

  • Less clearly positioned as construction-only specialists
  • More limited adjudication-specific rankings visibility

8. Taylor Rose Solicitors

Taylor Rose Solicitors provides construction dispute services through a national consultant-led structure. The firm can be a suitable option for clients wanting geographic convenience and access to dispute support across multiple locations, including adjudication.

Key Services:

  • Construction adjudication
  • Contract and commercial disputes
  • Mediation and settlement support

Pros:

  • Nationwide reach
  • Flexible service model

Cons:

  • Experience can vary depending on individual consultant
  • Adjudication specialism may be less centralised

How to Choose a Construction Adjudication Solicitor

Appointing the right solicitor for adjudication is often a decision made under time pressure. The process moves quickly, and the financial stakes can be immediate, particularly where cash flow and project delivery are at risk.

Key points to assess include:

  • Independent recognition: Legal 500 and Chambers & Partners rankings can help indicate consistent market standing.
  • Relevant adjudication track record: Look for experience in both claimant and respondent roles.
  • Access to senior lawyers: Direct partner involvement can be valuable when deadlines are tight.
  • Commercial judgement: The best advice aligns legal tactics with business realities and project constraints.
  • Enforcement strength: Capability in High Court enforcement can be decisive if the other side does not pay.

Frequently Asked Questions

What is construction adjudication?

Construction adjudication is a statutory dispute resolution process intended to deliver a fast decision on disputes under qualifying construction contracts.

What kinds of disputes work well in adjudication?

Common examples include interim and final payment disputes, valuation issues, defects allegations, delay and disruption claims, and contract interpretation disagreements.

Advertisement

How long does an adjudication usually take?

Many adjudications conclude within 28 days, often extending to 42 days depending on agreement and complexity.

Is the adjudicator’s decision final?

The decision is binding on an interim basis and is usually enforceable in court, although it can be revisited later in litigation or arbitration.

Conclusion: Getting Construction Disputes Resolved Quickly and Effectively

Adjudication remains one of the most effective mechanisms for securing swift, workable outcomes in construction disputes, particularly where project momentum and payment certainty matter. Success often depends on a solicitor’s ability to combine construction-specific knowledge with procedural discipline and decisive strategy.

Among the 2026 options, Helix Law stands out for its directory-recognised capability, partner-led approach, and strong performance in complex adjudications and enforcement. The other firms listed also offer credible support, and the right choice will depend on dispute value, sector, urgency, and the level of specialist focus required.

Advertisement

Continue Reading

Business

Soules Kitchen launches new product lines

Published

on

Soules Kitchen launches new product lines

The company is adding protein entrees and food truck-inspired products to its portfolio. 

Continue Reading

Business

In five charts – How UAE's exit could affect Opec's influence over the oil price

Published

on

In five charts - How UAE's exit could affect Opec's influence over the oil price

The BBC takes a look in charts at what the UAE’s departure could mean for the oil cartel and more widely.

Continue Reading

Business

PuraSoda enters US markets

Published

on

PuraSoda enters US markets

The clean label soda is launching in Sprouts Farmers Market locations nationwide. 

Continue Reading

Business

MaxLinear Stock Explodes 32% on Blockbuster Q1 Earnings and AI Momentum

Published

on

MaxLinear Stock 2026: Hold or Sell MXL Shares as Analysts

NEW YORK — MaxLinear Inc. shares surged more than 31% on Wednesday, April 29, 2026, trading around $68.60 in midday action after the semiconductor company delivered a strong first-quarter earnings beat and raised its full-year outlook, driven by robust demand for its high-speed connectivity and AI infrastructure solutions.

MaxLinear Stock 2026: Hold or Sell MXL Shares as Analysts
MaxLinear Stock Explodes 32% on Blockbuster Q1 Earnings and AI Momentum

The company reported revenue of $312.4 million for the quarter ended March 31, up 28% year-over-year and well above analyst expectations. Non-GAAP earnings per share reached $0.68, significantly beating consensus estimates of $0.52. The impressive results triggered heavy buying across the board, with volume spiking to more than five times the average as investors piled into the name.

CEO Kishore Seendripu highlighted broad-based strength across MaxLinear’s diversified portfolio. “We delivered outstanding results in Q1 with record revenue in our data center and broadband segments,” Seendripu said in the earnings release. “Our technology is at the heart of the AI infrastructure buildout, and we are seeing accelerating demand for our high-performance analog and mixed-signal solutions.”

The surge ranks among the strongest percentage gains on Nasdaq Wednesday and reflects renewed investor enthusiasm for semiconductor companies positioned to benefit from artificial intelligence, data center expansion and next-generation networking.

MaxLinear has successfully expanded beyond its traditional broadband roots into high-growth areas such as optical networking, wireless infrastructure and AI accelerators. The company’s products are critical components in data centers, 5G infrastructure, cloud computing and high-speed connectivity applications. Management noted particular strength in its PAM4 DSP chips used in high-speed Ethernet and optical interconnects, which are seeing explosive demand as hyperscalers scale AI training clusters.

Advertisement

Analysts reacted swiftly and positively to the report. Several firms raised price targets and upgraded their ratings, citing improved visibility, strong margin performance and MaxLinear’s strategic positioning in the AI supply chain. The results validate the company’s multi-year transformation and heavy investment in research and development for advanced connectivity technologies.

For investors, today’s rally underscores the market’s appetite for companies directly benefiting from the artificial intelligence megatrend. MaxLinear’s analog and mixed-signal expertise provides differentiation in a market increasingly dominated by discussions around GPUs and high-bandwidth memory. Its chips enable the high-speed data movement essential for modern AI workloads.

The company also reported healthy gross margins of 58.2%, up from 54.1% a year earlier, thanks to favorable product mix and operational efficiencies. Free cash flow remained strong, allowing MaxLinear to continue investing in growth initiatives while maintaining a solid balance sheet.

Broader semiconductor sentiment has been mixed in 2026, with some names facing inventory corrections and macroeconomic uncertainty. MaxLinear’s standout performance highlights the resilience of companies focused on critical enabling technologies for AI infrastructure and high-performance computing.

Advertisement

As trading continued Wednesday afternoon, shares held near session highs with strong volume. Technical analysts noted the breakout above key resistance levels, with potential near-term targets in the $75–$80 range if momentum persists. Options activity showed aggressive call buying, suggesting traders anticipate further upside following the positive earnings momentum.

The day’s performance caps a strong recovery period for MaxLinear. After facing challenges in previous years due to cyclical downturns in certain end markets, the company has repositioned itself successfully toward secular growth drivers. With today’s surge, the stock has more than doubled from its 2025 lows, rewarding investors who recognized the shift early.

Longer-term, analysts remain constructive on MaxLinear. The combination of AI tailwinds, 5G/6G infrastructure buildout and broadband upgrades supports a favorable multi-year outlook. While valuations have expanded on the AI enthusiasm, many view the current levels as reasonable given the company’s growth trajectory and technological leadership.

Near-term risks include potential slowdowns in data center spending, increasing competition in the connectivity space and macroeconomic factors affecting customer capital expenditure plans. However, management expressed confidence in its ability to navigate these challenges through innovation and customer diversification.

Advertisement

MaxLinear’s journey from a niche analog semiconductor player to a key enabler of the AI revolution demonstrates the power of strategic execution in the technology sector. The company’s focus on solving complex connectivity challenges positions it well for continued success as the digital infrastructure landscape evolves.

For long-term investors, today’s dramatic move may represent validation of MaxLinear’s transformation strategy. The strong Q1 results and upbeat guidance suggest the company is firing on all cylinders and remains well-positioned to capitalize on favorable industry trends.

As the market digests the earnings beat, MaxLinear stands out as one of the top performers in the semiconductor space this year. The coming quarters will be important as the company continues to ramp new products and expand its presence in high-growth AI and networking markets.

Whether today’s surge marks the beginning of a sustained uptrend or a short-term reaction to strong results remains to be seen. What is clear is that MaxLinear has delivered a compelling story of growth and technological relevance in one of the most dynamic sectors of the global economy.

Advertisement
Continue Reading

Business

Provident Financial Holdings, Inc. (PROV) Q3 2026 Earnings Call Transcript

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I’d like to welcome everyone to the Provident Financial Holdings Third Quarter of Fiscal 2026 Earnings Call.

[Operator Instructions]

I would now like to turn the call over to Donavon Ternes. You may begin.

Advertisement

Donavon Ternes
President & CEO

Thank you, Kayla. Good morning. This is Donavon Ternes, President and CEO of Provident Financial Holdings. And on the call with me is Peter Fan, our Senior Vice President and Chief Financial Officer.

Before we begin, I have a brief administrative item to address. Our presentation today discusses the company’s business outlook and will include forward-looking statements. Those statements include descriptions of management’s plans, objectives or goals for future operations, products or services, forecasts of financial or other performance measures and statements about the company’s general outlook for interest rates, economic and business conditions. We also may make forward-looking statements during the question-and-answer period following management’s presentation. These forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from those discussed today.

Advertisement

Information on the risk factors that could cause actual results to differ from any forward-looking statement is available from the earnings release that was distributed yesterday, from the annual report on Form 10-K for the year ended June 30, 2025, and from the Form 10-Qs and other SEC filings that are filed subsequent to the Form 10-K.

Forward-looking statements are effective only as of the date that they are made, and the company assumes no

Advertisement
Continue Reading

Trending

Copyright © 2025