Courtesy of ZeroHedge. View original post here.
And the hits just keep on coming for "America's most hated" biotech CEO-cum-charged with fraud hedge funder, Martin Shrekli, who several days after resigning as CEO from Turing Pharma, has just been fired by his "other" recent infamous investment KaloBios, which as a reminder was trading at $1 just over a month ago when it had announced it would liquidate just before Shrekli invested several million in the insolvent biotech.
From the press release:
KaloBios Pharmaceuticals, Inc. (Nasdaq: KBIO), today announced that on December 17, 2015, Martin Shkreli was terminated as Chief Executive Officer of the Company and resigned from his position as a member of the board of directors. In addition, on December 17, 2015, Tony Chase resigned from his position as a member of the board of directors.
The irony, of course, is that KBIO was technically bankrupt a month ago, and had gone so far as announcing its liquidation when Martin Shrekli bailed it out with a last minute capital investment, and subsequently he proceeded to acquire 70% of the stock in an attempt to force a short squeeze.
One month later, he is no longer the CEO and while he still has his 70% of KBIO stock holdings, it is unclear when if ever he will be able to sell it, as the stock has been halted since last week and may very well never reopen.
