Home / World / ‘Pharma bro’ Martin Shkreli sues Retrophin directors from prison

‘Pharma bro’ Martin Shkreli sues Retrophin directors from prison



Martin Shkreli, former executive director of Turing Pharmaceuticals AG, arrives in a federal court in the district of Brooklyn, New York, on Monday, July 31, 2017.

Peter Foley | Bloomberg | false images

The notorious & # 39; pharmaceutical broker & # 39; Martin Shkreli sued two directors and the former general counsel of his former biopharmaceutical company Retrophin on Friday, accusing them of using fraud to dismiss him as head of the firm in 2014.

The Shkreli lawsuit, which was filed in a federal court in Manhattan, seeks damages of more than $ 30 million.

He appeared a few days after Shkreli, 36, was transferred to a new prison in Pennsylvania, where he will continue serving a seven-year sentence for securities fraud related to his two deceased hedge funds and Retrophin, which he later founded. The funds collapsed financially.

The defendants named in the case are the chairman of Retrophin's board of directors, Gary Lyons, the company's former CEO, Stephen Aselage, who is currently director, and former lawyer Margaret Valeur-Jensen.

"After starting a biopharmaceutical company from scratch and converting it into a successful company worth hundreds of millions of dollars, Shkreli was unceremoniously and illegally expelled from the company by the Defendants," the lawsuit states.

"The defendants, who had little to do with the success of the company, but who were driven by their egos, jealousy and greed, succeeded in only one thing: creating and carrying out a plan to expel Mr. Shkreli of the company for its selfish benefit, "says the suit.

"In fact, the only people who benefited from the dismissal of Mr. Shkreli were the three Defendants and some other people they recruited."

Shkreli's lawyer in the Philadelphia Edward Kang case declined to comment when contacted by CNBC.

A spokesman for Retrophin declined to comment.

Valeur-Jensen did not immediately return a comment request sent through her LinkedIn account.

Shkreli won national infamy in 2015 after the company he founded after his exit from Retrophin – Turing Pharmaceuticals – raised the price of his Daraprim drug by more than 5,000%.

The medication is used to treat a parasitic infection that is found in pregnant women, babies, and HIV patients. Turing is now known as Phoenixus AG.

In August 2017, a jury convicted Shkreli of three out of eight criminal charges related to his hedge funds and Retrophin. His $ 5 million release bonus was revoked a month after his trial judge ruled he was in danger because of his offer, to his Facebook followers, of a $ 5,000 reward for Hillary Clinton hair samples.

Since last year, he had been serving his criminal sentence in the low security prison in Fort Dix, NJ.

But two months ago he was transferred to a federal prison in Brooklyn, New York, after The Wall Street Journal reported in March that he was still helping to "attack" Phoenixus with the help of a smuggling cell phone at Fort Dix.

This week, Shkreli was transferred to another low-security prison in Allenwood, Pennsylvania, according to the Bureau of Prisons website.


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