last year for stealing $11 million to repay investors after the hedge-fund-manager-turned-drug-executive, lost money on risky trades. He sued Stephen Aselage, Retrophin’s former CEO and currently a director, and two other executives in Manhattan federal court Friday.
Shkreli started Retrophin in 2011 after teaching himself biology. In his complaint he claimed the three defendants conspired to force him out of Retrophin, then tricked him into giving up his rights as the company’s founder.
The defendants “made millions of dollars by successfully carrying out their illegal scheme and reaping what Mr. Shkreli sowed,” the founder said in the complaint. “The company is worse off now than it would have been had Mr. Shkreli remained as the leader.”
Chris Cline, Retrophin’s Vice President, Investor Relations & Corporate Communications, didn’t immediately return a voicemail seeking comment on the suit.
Shkreli became notorious in 2015 while serving as chief executive of Turing Pharmaceuticals, which he started after being ousted from Retrophin. At Turing, Shkreli hiked the price of a life-saving drug by more than 5,000 percent. The controversial price increase was unrelated to his criminal case.
The case is Shkreli v. Aselage, 19-cv-05120, U.S. District Court, Southern District of New York (Manhattan).
SOURCE: Section Page News – Crain’s New York Business – Read entire story here.