On the day that Shkreli was arrested, stock prices for the company dropped by 50%.
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The former pharma boss was recently arrested by Federal Bureau of Investigation agents at his Manhattan home on securities fraud charges related to the running of his hedge fund MSMB Capital Management.
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Last week, Shkreli was removed as chief executive of Turing Pharmaceuticals, a privately held company in NY that he co-founded late past year. The drug to be tested was KB003, which was being developed to treat a form of leukemia.
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Shkreli became the chief executive of KaloBios in November after obtaining 70 percent of its outstanding shares.
Shkreli was arrested on fraud charges on Thursday and released on bail.
In a Saturday tweet, Shkreli said that the fraud allegations against him are “baseless and without merit”.
Martin Shkreli, the former CEO of Turing Pharmaceuticals can’t seem to catch a break. Not only that he has received several major charges of securities fraud, securities fraud conspiracy and wire fraud conspiracy all in relation to a hedge fund endeavor.
The “most hated man in America” is now free on $5 million bond and also said his arrest stemmed from a “social experiment and teasing people over the Internet”.
Shkreli gained control over KaloBios Pharmaceuticals, which is a California biotechnology company. He appeared on CNBC to defend drug price increases and told guests at a Forbes healthcare conference earlier this month that he should have raised the price of Daraprim further. It is the only approved drug for treating a life-threatening parasitic infection given to people with weakened immune systems.
The price-gouging scandal sparked widespread criticism and condemnation before Shkreli was arrested.
In a statement, Tilles thanked Shkreli for his time at Turing and wished him “the best in his future endeavours”.
In a separate incident, Shkreli lost control of his Twitter account to hackers on Sunday, hours after he took to the microblogging service to plead his innocence, said his spokesman, Craig Stevens. “Willing to donate hundreds of thousands to charities before I go to prison…”
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In addition, the company said that Tony Chase also resigned from the board of directors.
