The Epic Retrophin 8-K Filing
Martin Shkreli was formerly a biotech short-seller. I know those people. I am one.
They convey their midpoint out for the inflated claim re the efficacy of a drug in addition to the wheeling in addition to dealing inwards stock.
Unusually Martin became CEO of a biotech (Retrophin) in addition to became a wheeler-and-dealer himself. Martin too kept a twitter account where he recommended Retrophin stock in addition to suggested (often correctly) that other biotechs were worth shorting.
He is a 31 twelvemonth old - but all the photos brand him await 17. The joke close his hyperactive twitter describe organization human relationship was that he would tweet if he had a date.
Anyway eventually - in addition to later a saga yous tin await upward if yous desire - he was ousted every bit CEO of his ain company.
Today the fellowship released an 8-K explaining what the board constitute later his ouster - in addition to it is already beingness described every bit an epic. Here goes for some of it.
They convey their midpoint out for the inflated claim re the efficacy of a drug in addition to the wheeling in addition to dealing inwards stock.
Unusually Martin became CEO of a biotech (Retrophin) in addition to became a wheeler-and-dealer himself. Martin too kept a twitter account where he recommended Retrophin stock in addition to suggested (often correctly) that other biotechs were worth shorting.
He is a 31 twelvemonth old - but all the photos brand him await 17. The joke close his hyperactive twitter describe organization human relationship was that he would tweet if he had a date.
Anyway eventually - in addition to later a saga yous tin await upward if yous desire - he was ousted every bit CEO of his ain company.
Today the fellowship released an 8-K explaining what the board constitute later his ouster - in addition to it is already beingness described every bit an epic. Here goes for some of it.
Consulting Agreements. Between September 2013 in addition to March 2014, the Company entered into several consulting agreements in addition to releases amongst individuals or entities that had been investors inwards investment funds previously managed past times Mr. Shkreli (the “MSMB Entities”), or that otherwise had fiscal dealings amongst Mr. Shkreli. The agreements provided for the issuance of a full of 612,500 shares of mutual stock of the Company, in addition to a full of $400,000 inwards cash payments past times the Company. The Oversight Committee concluded that the Company should non dice along to process these agreements every bit consulting agreements because their predominant piece of occupation appears to convey been to settle in addition to unloosen claims against the MSMB Entities or Mr. Shkreli personally, in addition to non to supply meaningful in addition to sustained consulting services to the Company.And
Litigation Settlements. In the minute quarter of 2014, the Company settled 2 lawsuits involving individuals who had formerly performed services for both the Company in addition to the MSMB Entities. The Oversight Committee concluded that about $200,000 inwards cash payments made past times the Company every bit role of these settlements look to convey been made to crusade these individuals to transfer 176,388 shares of the Company’s mutual stock straight to Mr. Shkreli.
Read the whole lot here...
John
Disclosure - dumb luck I shorted a trivial recently. I but figured when he was fired at CEO nosotros were going to honor out more. And more.
But the actually dumb luck. I got sick, missed the rising when he left, in addition to solely read he resigned today - in addition to thus so solely shorted today. I would rather hold upward lucky than good.
But the actually dumb luck. I got sick, missed the rising when he left, in addition to solely read he resigned today - in addition to thus so solely shorted today. I would rather hold upward lucky than good.
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