Martin Shkreli. Photo Credit: Seth Wenig/APShkreli Settles Disputes With His Former Company, Firm Says
A spokeswoman Retrophin confirmed Thursday that it had settled a lawsuit that Shkreli filed last month from prison, where he is serving a seven-year sentence for defrauding investors in two hedge funds he created.
June 20, 2019 at 05:10 PM
2 minute read
Retrophin Inc. said Thursday that it had resolved all outstanding disputes with former pharmaceutical executive and convicted stock fraudster Martin Shkreli, who founded the biopharmaceutical company in 2011.
A spokeswoman Retrophin confirmed Thursday that it had settled a lawsuit that Shkreli filed last month from prison, where he is serving a seven-year sentence for defrauding investors in two hedge funds he created. The suit, which sought at least $30 million in damages, accused Retrophin's former CEO and two executives of “unceremoniously and illegally” ousting Shkreli for their own gain.
The settlement, the spokeswoman said, covered “all outstanding disputes” between the parties, but she declined to comment further. The terms of the agreement were not disclosed.
“We are pleased with this outcome and remain focused on delivering life-changing therapies to people living with rare diseases. Additional information about the settlement will be provided in Retrophin's forthcoming quarterly filing,” the spokeswoman said in a statement.
Shkreli's attorney filed a notice of voluntary dismissal Tuesday with a Manhattan federal judge. The case, he said, had been dismissed with prejudice.
Shkreli had alleged in the May 31 complaint that Retrophin's former CEO, Stephen Aselage, along with two other high-ranking executives had tricked him into signing a “fraudulent document” that terminated his rights as the CEO and founder of the company, without providing anything in return.
Shkreli went on to found Turing Pharmaceuticals, which gained national notoriety in 2015 when the company hiked the price of a rare AIDS treatment from $13.50 per pill to $750 overnight.
Shkreli was arrested later that year on unrelated fraud charges, and was convicted by a Brooklyn federal jury of stealing more than $10 million to repay investors after losing their money on risky trades. He was ordered to pay a $75,000 fine and $7.3 million in forfeiture.
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