Martin Shkreli, CEO of Turing Pharmaceuticals who has been arrested on Thursday December 17, 2015 is out on a $1 million bond after pleading not guilty. After his arrest he resigned from Turing Pharmaceuticals AG from being their chief executive officer. He was replaced by Chairman Ron Tiles on an interim basis.
In a statement Turing said on Friday, that they wish to thank Martin for helping them build a dynamic research focused company that we see today. They also wished him well in his future endeavors.
Shkreli was arrested for fraud. He was accused of running a Ponzi-scheme in the previous company he use to own. The allegation is that, he used to repeatedly lose money of his investors and lie to them about it. He is also illegally taking one of his company's assets in order to pay off investors in his other company. Shkreli was the guy hated by many for gouging drugs. After owning the rights to Daraprim, a drug that could help treat patients with AIDS, he was able to turn the drug price from $13.50 to $750 overnight.
Shkreli was also known to have acquired a majority stake in KaloBios Pharmaceuticals Inc. He also became a CEO of that company. At the time the company was trading $1 a share, it later made a move up to $39 dollars a share which made the company have a market value of more than $100 million. After Shkreli's arrest the company stock plunged down 53% to $11.03 before trading was halted. Retrophin, Shkreli's first company only fell less than 1% to $21.17.
KaloBios was represented by Edward Painter and it was said that NASDAQ was asking some information from their company before trading could be resumed, to which Painter did not make any respond to emails and calls that seeks for comment.
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