Shares of Insys Therapeutics Inc. plunged 68% toward a record low in premarket trade Monday, after the specialty pharmaceutical company said it filed for bankruptcy. Insys said it plans to continue operating its business while it pursues the sale of substantially all of its assets. "After conducting a thorough review of available strategic alternatives, we determined that a court-supervised sale process is the best course of action to maximize the value of our assets and address our legacy legal challenges in a fair and transparent manner," said Chief Executive Andrew Long. As of Dec. 31, Insys had 226 full-time employees. The company reported a 2018 net loss of $124.3 million, or $1.68 a share, on revenue of $82.1 million, after a loss of $227.0 million, or $3.12 a share, on revenue of $140.7 million in 2017. The stock has lost 81% over the past 12 months through Friday, while the SPDR S&P Pharmaceuticals ETF has declined 13% and the S&P 500 has gained 3.4%.