The epic Retrophin 8-K filing
The epic Retrophin 8-K filing
They have their eye out for the inflated claim re. the efficacy of a drug and the wheeling and dealing in stock.
Unusually Martin became CEO of a biotech (Retrophin) and became a wheeler-and-dealer himself. Martin also kept a twitter account where he recommended Retrophin stock and suggested (often correctly) that other biotechs were worth shorting.
He is a 31 year old – but all the photos make him look 17. The joke about his hyperactive twitter account was that he would tweet if he had a date.
Anyway eventually – and after a saga you can look up if you want – he was ousted as CEO of his own company.
Today the company released an 8-K explaining what the board found after his ouster – and it is already being described as an epic. Here goes for some of it.
Consulting Agreements. Between September 2013 and March 2014, the Company entered into several consulting agreements and releases with individuals or entities that had been investors in investment funds previously managed by Mr. Shkreli (the “MSMB Entities”), or that otherwise had financial dealings with Mr. Shkreli. The agreements provided for the issuance of a total of 612,500 shares of common stock of the Company, and a total of $400,000 in cash payments by the Company. The Oversight Committee concluded that the Company should not continue to treat these agreements as consulting agreements because their predominant purpose appears to have been to settle and release claims against the MSMB Entities or Mr. Shkreli personally, and not to provide meaningful and sustained consulting services to the Company.
And
Litigation Settlements. In the second quarter of 2014, the Company settled two lawsuits involving individuals who had formerly performed services for both the Company and the MSMB Entities. The Oversight Committee concluded that approximately $200,000 in cash payments made by the Company as part of these settlements appear to have been made to cause these individuals to transfer 176,388 shares of the Company’s common stock directly to Mr. Shkreli.
Source: http://www.philstockworld.com/2015/02/27/the-epic-retrophin-8-k-filing/
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