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NEW YORK/BOSTON (Reuters) - OxyContin maker Purdue Pharma LP has tapped law firm Davis Polk & Wardwell LLP for financial restructuring advice, as its potential liabilities swell with a wave of lawsuits over the opioid addiction epidemic sweeping the United States, people familiar with the matter said on Thursday. Purdue and other opioid manufacturers, including Endo International Plc and Johnson & Johnson, have been fighting hundreds of lawsuits filed by U.S. states, counties and cities accusing the drugmakers of pushing addictive painkillers through deceptive marketing.
U.S, President Donald Trump said on Thursday that he would like to bring a federal lawsuit against the companies over the opioid crisis, According to the U.S, Centers for Disease Control and Prevention, opioids were involved in more than 49,000 deaths in the United States last year, The sources that disclosed the appointment of Davis Polk asked not to be identified because the matter is confidential, “Purdue is preparing for a bright future that blue bottle cap cufflinks includes diversification into non-opioid products,” Purdue told Reuters in a statement..
The privately held company said that it retains firms with a variety of expertise but declines to discuss publicly who those firms are and the reasons for which they are retained. Davis Polk did not immediately respond to a request for comment. Purdue has been participating in settlement talks with lawyers for the plaintiffs, who have often compared the cases to the litigation by states against the tobacco industry that led to a $246 billion settlement in 1998. The lawsuits have accused Purdue of deceiving doctors and patients and of misrepresenting the risks of addiction and death associated with the prolonged use of its prescription opioids. The company has denied the allegations.
At least 27 states and Puerto blue bottle cap cufflinks Rico have sued Purdue, New York became the latest state to sue Purdue, in a lawsuit filed on Tuesday alleging that the company sought to boost profits at the cost of lives, The drugmaker, which is owned by the Sackler family, announced in June that it had laid off 350 employees including the remainder of its sales force, which had been reduced in February when Purdue said it would stop sending representatives to doctors’ offices to discuss the pain medications..
(Reuters) - Upscale department store Nordstrom Inc (JWN.N) saw its shares soar as much as 14 percent in after-hours trading on Thursday, after reporting better-than-expected quarterly same-store sales growth, as more people shopped at its online stores. For 2018, the Seattle, Washington-based company expects an adjusted profit of $3.50 to $3.65 per share, compared with its previous forecast of $3.35 to $3.55. Nordstrom managed to report upbeat results despite the problems in the broader retail sector, which has suffered from fast-changing fashion trends and discount-hungry shoppers who favor buying online.
In large part, analysts said, the results showed Nordstrom successfully boosted online traffic and transactions by promoting blowout sales blue bottle cap cufflinks on social media and making the in-store and online purchasing processes more frictionless for shoppers, Earlier on Thursday, J.C, Penney Co Inc (JCP.N) shares sank below $2 for the first time after it said it had alienated core middle-aged customers while chasing millennial buyers, and the venerable brand forecast an unexpectedly large loss, At Nordstrom, online sales, helped by online promotions, rose 23 percent and accounted for 34 percent of total sales..
“We feel like their inventory doesn’t have a huge overlap with Amazon’s,” Director of Capital Markets at asset management firm Exponential ETFs Josh Blechman said. “Because it is a little bit higher-end, that sort of lets their online offerings to shine more.”. On a conference call with investors, Nordstrom’s Co-President Blake Nordstrom also highlighted the competitive advantage Nordstrom has because of its inventory and product assortment. “The strength of our inventory position allowed us to be fluid and respond quickly. We took swift action to accelerate inventory turns, strengthen our core assortment and improve our execution in stores.”.
Nordstrom’s discount Rack stores, Co-President Nordstrom said, saw the biggest inventory change, Same-stores sales rose 4 percent in the second quarter ended Aug, 4 across both full-price and off-price, beating the average analyst estimate of a rise of 0.81 percent, according to Thomson Reuters I/B/E/S, Excluding items, the company blue bottle cap cufflinks earned 95 cents per share, beating estimates of 84 cents, according to Thomson Reuters I/B/E/S, Net sales rose about 7 percent to $3.98 billion, higher than the $3.72 billion analysts had expected, and boosted by the timing of its Anniversary Sale..