Martin Shkreli’s downward spiral continues. Pharmaceutical company KaloBios has announced they've sacked him as CEO:
Martin Shkreli was fired as chief executive officer of KaloBios Pharmaceuticals Inc. following his arrest last week on charges of securities fraud.
Shkreli and Tony Chase also resigned from the board of directors, the drugmaker said Monday in a statement. The company didn’t name Shkreli’s successor.
On the day he was arrested by federal agents, shares of KaloBios took a nosedive, dropping 53 percent before KaloBios trading was frozen. Shkreli had only recently purchased the company:
Last month, Shkreli bought a majority interest in South San Francisco, California-based KaloBios and named himself CEO. The company’s stock was trading at less than $1 before he made the move, and it subsequently rose to as high as $39.50, giving the company a market value of more than $100 million. Chase joined KaloBios’ board of directors when Shkreli took over the company along with a larger investor group including Marek Biestek and David Moradi. Shkreli held more than 50 percent of the company’s shares as of Nov. 24, according to Bloomberg data.
On Sunday, Shkreli’s Twitter account was hacked. After regaining control of the account, he used it to defend himself against the fraud charges:
On Friday he was forced out as CEO of Turing Pharmaceuticals.