Ben Falcone is directing the film, in which McCarthy, 44, plays a titan of industry who is sent to prison after she is caught for insider trading, reported Deadline.
When she emerges ready to rebrand herself as America's latest sweetheart, not everyone she screwed over is so quick to forgive and forget.
McCarthy created the character and wrote the script with Falcone and their Groundlings collaborator Steve Mallory.
McCarthy and Falcone produce through their On the Day Productions with Will Ferrell, Adam McKay and Chris Henchy through their Gary Sanchez banner.