Chemicals companies, including Amk Chemical Industries, are under investigation by the US Department of Justice, after the US Food and Drug Administration accused them of conspiring to make an antifungal chemical called azoxymethane (AMK) that the agency said could cause cancer.
The company said on Friday that it was filing for Chapter 11 protection.
Amk has filed a petition with the US Securities and Exchange Commission.
Amk was the target of a criminal investigation by US authorities after it was accused in 2014 of illegally marketing an antifeedent to treat an outbreak of the flu.
The company said in a statement that it had been “the subject of a thorough, multi-layered investigation” by the Department of Commerce’s Office of Inspector General and the FDA.
Amak Chemical Industries is a chemical company that makes several different products that include pharmaceuticals and industrial chemicals.
Its shares have fallen over a 30 percent year to date.
Its parent company, Amk Pharmaceuticals, is the largest chemical company in the United States.
Its chief executive, James O’Leary, said in March that the company would cease operations and was “taking a significant amount of time” to address the investigation.
In a statement on Friday, the company said: “While we are disappointed that we have been subject to this type of investigation, we believe it is in the best interest of all parties to have our operations and processes immediately put in place to address this matter.”
The company, which manufactures the flu vaccine that protects against flu, said it would be able to “continue to fulfill its mission” by “providing vaccines to our customers”.
Amk is also known for its antibacterial properties.
The FDA and the Justice Department said in the indictment that the drugmaker made a $12.7 billion market-leading drug called azoxyam, which was sold under the trade name AZOX-20.
The indictment said that the companies knew of the risk posed by the drug.
“In 2014, the FDA and Department of the Justice initiated an investigation into the pharmaceutical company Amk for its role in the marketing of the azoxy am vaccine,” the statement said.
“The investigation led to the finding that Amk was involved in marketing the azoxylam vaccine, which in turn caused the pandemic and death of more than 50,000 people.”
“The FDA, the Justice Departments Office of Civil Rights, and the Drug Enforcement Administration (DEA) launched an investigation to determine whether Amk and its parent company engaged in unlawful conduct to market the azroxyam vaccine,” it added.
“Amk has cooperated with the Department and the US Attorney’s Office and agreed to plead guilty to a single count of conspiracy to commit antitrust violations.”
While the terms of this agreement have not been disclosed, the guilty plea provides Amk a substantial financial settlement in the amount of $7.3 million.
Am k is now in the process of negotiating a settlement of the other charges in the case.
“In a separate announcement on Friday morning, the DEA and the Department said it had “advised the company to cease the marketing and distribution of azoxypethane and the sale of azoxy-am”.”
Amp, which made an antibacterial drug called Senna, was also the subject, according to the indictment, of a separate criminal investigation.”
The agency will continue to investigate whether the safety and effectiveness of azepethane has been established.”
Amp, which made an antibacterial drug called Senna, was also the subject, according to the indictment, of a separate criminal investigation.