Nasdaq to delist Bay Area company run by drug price gouger Shkreli

[dixiegrrrrl]

This is fantastic....greedy self entitled Shkreli is to blame for his own company crashing and burning in the public eye.

TRENTON, N.J. -- KaloBios, the Bay Area biotech company run by Martin Shkreli, the reviled drug price-gouger charged with securities fraud last week, was informed Wednesday that its stock will be delisted by Nasdaq because of Shkreli's arrest and other issues.

KaloBios Pharmaceuticals also is dealing with the abrupt resignation of its accounting firm and a void left by its firing of Shkreli.

KaloBios was running out of money and planning to suspend its research programs and shut down operations in November. That's when Shkreli, the CEO of Turing Pharmaceuticals, swooped in and gained controlling interest of KaloBios stock. Shkreli was immediately named chief executive officer and chairman of the board of the South San Francisco drug developer.

In a statement Wednesday, KaloBios said that Nasdaq wrote that it will be removed from trading on Dec. 30 if KaloBios doesn't appeal. The company has not yet decided whether it will appeal.

Nasdaq cited reasons for the delisting including the indictment and arrest of both Shkreli and an outside attorney for KaloBios, Evan Greebel, plus the company's noncompliance with Nasdaq financial reporting rules. KaloBios has not filed with the U.S. Securities and Exchange Commission a report on its financial results for the three months ended Sept. 30, as publicly traded companies are required to do every three months.

http://www.mercurynews.com/business/ci_29304708/nasdaq-delist-bay-area-company-run-by-drug

FOOTNOTE;
KaloBios, pharmaceutical company controlled by Martin Shkreli, says it has appealed Nasdaq's delisting of the stock
Breaking news a few minutes ago.

[Coventina]

1. K&R

[lovemydog]

2. In addition to more of these scoundrels getting busted & delisted

I hope there's serious movement on keeping the prices of medications down.

[Katashi_itto]

3. K&R!

[Initech]

4. Needs some Nelson: