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Martin Shkreli sacked as CEO as fraud charges laid
Last month, Turing Pharmaceuticals succumbed to pressure and they will decrease the price of Daraprim. In the indictment, he is accused of diverting capital from another pharmaceutical company, Retrophin, in order to pay back investors who lost money in his fund, among other charges.
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Shkreli was charged with securities fraud and conspiracy last Thursday stemming from his stint as hedge fund manager.
Mr Shkreli became infamous around the world when it was revealed in September that his then-company Turing Pharmaceuticals had bought the Daraprim drug for treating Aids and cancer, and raised its price from $13.50 to $750 a pill.
At the moment Shkreli remains at the helm of KaloBios, a company which he joined as CEO last month, although The Street has suggested that efforts are already underway to achieve a separation. He famously reached out to San Francisco scientist and entrepreneur Ethan Perlstein on Twitter, which led to Perlstein’s startup receiving early stage backing from Shkreli’s previous company Retrophin. “The charges against me are baseless and without merit”, Shkreli, who is free on $5 million bond, tweeted on Saturday.
Since, Shkreli announced plans to increase a drug used in the treatment of the Chagas disease. In addition, Mr. Shkreli said he had been targeted by regulars for his much-criticized drug-price hikes and over-the-top public persona.
On Sunday, his Twitter, email, and cell phone were hacked. “Willing to donate hundreds of thousands to charities before I got to prison…” read another.
Martin Shkreli has been booted from yet another drug company.
His You Tube account, where he’s frequently live-streamed himself working on his home computer, talking to himself and eating, also was hit with posts belittling him and hasn’t been active since Sunday.
KaloBios also said Shkreli resigned from his position on the company’s board of directors.
Trading in KaloBios shares has been halted since Thursday.
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Shkreli through his press relations firm said he is confident he will be cleared of all charges, adding that some of the charges involved “complex accounting matters” that authorities failed to understand. Trading will not resume until the company satisfied Nasdaq’s request for additional information, the exchange said in a statement.