Price-gouging CEO gets his ass handed to him...

[Archae]

Bad news, ‘Pharma Bro': Shkreli’s company loses nearly $15 million after price-gouge debacle

Martin Shkreli’s company lost nearly $15 million during the three months in which he was roundly criticized for attempting to jack up the price of an anti-parasitic drug, Business Insider reported.

Turing Pharmaceuticals posted a loss of $14.6 million during the third quarter of 2015, which ended on Sept. 30. That was a month after the ex-hedge fund manager’s firm acquired the right to sell Daraprim in the US, then announced it would raise the price from from $13.50 to $750 a pill.

http://www.rawstory.com/2015/11/bad-news-pharma-bro-shkrelis-company-loses-nearly-15-million-after-price-gouge-debacle/

[Ouray]

1. Asshole earned every loss of that.

I hope he'll be out of the business by the end of the quarter.

[ChisolmTrailDem]

2. Mmmm...this is some tasty Schadenfreude... *slurp!* nt

[beam me up scottie]

3. Another German word that works well for this guy: Backpfeifengesicht!

[jmowreader]

10. I like "Schwanzkopf" better

[beam me up scottie]

11. My mom used to say "scheiße kopf!"

But then she only swore in German, never in English.

[jmowreader]

12. Scheissekopf is good too

Oh yeah...there's a new character for the double S...

https://en.wikipedia.org/wiki/Capital_ẞ

[Ouray]

4. Could it be... could it be....

the tears of the Pharma Bro may be very well be collectible, yeah?

[Egnever]

5. And then his stock soared!

WTF?



http://www.marketwatch.com/story/kalobios-soars-800-after-martin-shkreli-takes-control-2015-11-18

KaloBios shares KBIO, -4.61% soared more than 800% in late trading Wednesday, after Turing Pharmaceuticals CEO Martin Shkreli gained control of a majority of the shares. KaloBios announced Friday that it was winding down operations because it was running out of cash while developing two potential cancer drugs. However, the company said Wednesday afternoon that more than 50% of its stock had been purchased by Shkreli and associates and that discussion had begun on continuing operations. "Addressing short-term cash needs is our first priority, and we continue to be open to further dialogue," KaloBios Chief Executive Ronald Martell said in the announcement. Shkreli became a poster boy of sorts for high-priced pharmaceuticals when The New York Times wrote about Turing earlier this year, noting the company had bought an infectious-disease drug that previously sold for $13.50 a pill and increased that price to $750. Shkreli said after an uproar that he would cut the price of the drug. KaloBios's stock ended Wednesday's regular session at $2.07, then went on to top $19 in after-hours trading.

[wilsonbooks]

7. Something is rotten about this. Looks like stock manipulation.

[herding cats]

8. It appears that was a Hail Mary pass by Martin Shkreli.

He just paid about 1.2 million to take control of the company and try and keep it from shuttering. the volume of his purchase caused the stocks to rise.

Expect more nefarious acts from Martin Shkreli in the future on the pharma front. Also, expect more heat on him when he attempts it.

I think I should also point out I think you're confusing KaloBios, with Martin Shkreli's (The Bad Guy - boo-hiss!) company Turing Pharmaceuticals. The bad guy just bought up another pharmaceutical development company here.

[notadmblnd]

6. The best way to hurt greedy people...

...hit them in their wallets.

[Duckfan]

9. Perhaps Bain and company will bail him if he's in trouble.

[Monk06]

13. Now the stupid prick just has to sell 1,081,481.5 pills at $13.50 per pill

to make his $14.6 Mill back. Even that is gouging

[Initech]

14. This thread needs some Nelson:

[FLPanhandle]

15. Sounds like someone moved their profits offshore

In order to show a big loss here in the US and get a nice tax rebate.