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As Turing’s CEO, Shkreli gained public notoriety by dramatically hiking the price of the life-saving drug, Daraprim. The decades-old drug is used to treat a parasitic infection and is often given to AIDS patients and babies. Turing's decision to jack up the price of Daraprim by more than 5,000 percent is being investigated by lawmakers.
In a seven-count indictment unsealed Thursday, Martin Shkreli, the embattled CEO and founder of Turing Pharmaceuticals, has been charged by the FBI with securities fraud, securities fraud conspiracy, and wire fraud conspiracy for allegedly orchestrating three interwoven schemes. In what the Department of Justice terms “Ponzi-like” schemes, Shkreli allegedly defrauded investors of two former hedge funds he managed and misappropriated $11 million in assets from the biopharmaceutical company he once headed, Retrophin, all in the course of about five years.
Martin Shkreli’s other pharma company is dramatically collapsing
Martin Shkreli, chief executive officer of Turing Pharmaceuticals LLC, exits federal court in New York, US, on Thursday, December 17, 2015. Shkreli was arrested on alleged securities fraud related to Retrophin Inc., a biotech firm he founded in 2011.
In a swift set of blows, KaloBios Pharmaceuticals, Inc., a biotech company formerly headed by Turing’s Martin Shkreli, announced that it is being delisted from the Nasdaq stock exchange, and that the company's interim CFO and accounting firm have both resigned.
In a press release dated Wednesday, KaloBios reported that the Nasdaq informed the company in a letter sent December 18 that it would be delisted from the exchange. The letter cited a number of reasons for the delisting, including Shkreli’s indictment plus the simultaneous indictment of Evan Greebel, the company’s former outside counsel.
The day of Shkreli’s arrest, trading halted on KaloBios shares and it has not resumed. The company’s stock is set to be removed from Nasdaq on December 30