Martin Shkreli, former Chief Executive Officer of Turing Pharmaceuticals, appearing before the House Committee on Oversight and Government Reform during a hearing titled "Developments in the Prescription Drug Market," on February 4, 2016. Photo: Diego M. Radzinschi/ALM What the Antitrust Case Against Martin Shkreli Tells Us About the Latest Trends in Antitrust Enforcement and Shareholder Liability
Judge Cote's recent decision in 'FTC v. Shkreli' is a reminder that highly unusual price increases can lead to dramatically heighted antitrust risk, not only for the companies involved but also their major shareholders.
February 28, 2022 at 11:30 AM
8 minute read
On Jan. 14, 2022, the Hon. Denise Cote, U.S. District Judge for the Southern District of New York, issued her decision in Federal Trade Commission v. Shkreli, holding that Martin Shkreli, the former head of Vyera Pharmaceuticals, violated federal and state antitrust laws by allegedly interfering with the entry of generic competition for Vyera's drug Daraprim. See FTC v. Martin Shkreli, No. 20CV00706 (DLC), 2022 WL 135026 (S.D.N.Y. Jan. 14, 2022). For his participation in the conduct, Judge Cote ordered Shkreli to disgorge $64.4 million in profits and banned him for life from participating in the pharmaceutical industry. Id. at *1. The court's decision followed a seven-day bench trial in December. The New York Attorney General played a significant role in the case, bringing the action together with the Federal Trade Commission in federal court in New York. The attorneys general of six other states subsequently joined the action.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Major Drug Companies Agree to Pay $49.1 Million to 50 States, Territories
3 minute read
Lawsuit Alleging $23 Million Contract Breach Against Biogen Moves Forward
Bristol-Myers Squibb Wins Dismissal of $6.4 Billion Lawsuit Alleging Intentional Delay of Cancer Drug
Law Firms Mentioned
Trending Stories
- 1$1.9M Settlement Approved in Class Suit Over Vacant Property Fees
- 2Former Wamco Exec Charged With $600M 'Cherry-Picking' Fraud
- 3Stock Trading App Robinhood Hit With Privacy Class Action 1 Month After Alleged Data Breach
- 4NY High Court Returns Fired Priest's Discrimination Claim to State Agency
- 5Digging Deep to Mitigate Risk in Lithium Mine Venture Wins GM Legal Department of the Year Award
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
