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Shkreli founded the biotech company Retrophin, but he was “unceremoniously dumped” Sept. 30, 2014, as chief executive after the company’s board of directors concluded “Shkreli had committed stock-trading irregularities and other violations of securities rules,” reported Bloomberg. The company he founded in 2009 sued Shkreli last month for $65 million in damages, claiming the ex-hedge fund manager gave away Retrophin shares to friends and used the biotech firm’s assets to pay off personal debts and keep afloat his sinking investment firm, MSMB Capital Management. A filing made in November 2014 with the U.S. Securities and Exchange Commission showed Shkreli pulled in nearly $3 million in gross proceeds as he continued selling company stock while simultaneously urging investors to buy into Retrophin — which the rapper-quoting then-CEO hyped on his Twitter account. Shkreli began plundering Retrophin after his hedge fund — which eventually collapsed — made a “disastrous” investment in Orexigen, reported FierceBiotech
Shkreli finally told investors he was dissolving the hedge fund to focus on Retrophin — and he offered to redeem their investments in cash or stock in his new company, the website reported. The lawsuit, however, alleges that Shkreli used a series of “extra-legal maneuvers” to essentially turn Retrophin into his personal bank — and now the company seeks every bit of money he made off the company. The suit points out that Shkreli was accused in December 2013 of threatening a former MSMB employee and his family on social media and in written letters. “I hope to see you and your four children homeless and will do whatever I can to assure this,” the former employee Timothy Pierotti, claimed his old boss had written in a letter to his wife.
Shkreli has defended his decision to hike the price of his latest acquisition, Daraprim, by 5,500 percent — saying the increase was necessary to protect his investment and still kept the drug “underpriced” on the current market.Shkreli insulted reporters who questioned the price hike, calling one a “moron” and suggesting the details were too complicated for the average person to understand.
originally posted by: Boadicea
a reply to: FamCore
May I pile on? Just because... well... he sooooooo deserves it!!!
These 37 tweets show how the pharma CEO gouging AIDS patients is even worse than you think
originally posted by: FamCore
a reply to: AboveBoard
If anything, the "price hike as a result of trying to improve this drug" is a total lie because Shkreli even said he needed to save another one of his biotech companies and this move was in an effort to keep the other company afloat.
It looks like Daraprim was first released as an anti-malarial in 1952ish. I don't think they need to make improvements on this antiparasitic medicine - with that "price hike" they could justify researching an entirely new drug. total bs
Presidential hopeful Bernie Sanders, an independent senator from Vermont, and Rep. Elijah E. Cummings (D-Md.) drew Turing into an already ongoing congressional investigation into recent drug price increases, sending a letter on Monday asking for information about total gross revenues from sales of Daraprim; prices paid for all sales; the prices in foreign markets; and the identity of company official(s) responsible for setting the price.
“The enormous, overnight price increase for Daraprim is just the latest in a long list of skyrocketing price increases for certain critical medications,” Sanders and Cummings said. “Americans should not have to live in fear that they will die or go bankrupt because they cannot afford to take the life-saving medication they need.”