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Martin Shkreli's old pharmaceutical company faces shareholder dispute

"Pharmabro" Martin Shkreli has just left prison, but the battle for a scandal-damaged company is still fierce.

Last June, Sukureli's pharmaceutical companyA group of activist investors trying to take control of Turing failed and a 39-year-old scammer was taken out of prison. I voted for my stock. 

According to activist investor Jason Arie and former Turing chairman and interim CEO Ron Tilles, Turing has been cashing since then and is now on the verge of collapse. Seems to be. Looking to shake the company's board at the shareholders' meeting on Friday.

"They have only $ 23 million in cash left from $ 50 million last quarter. I don't know what they're doing," Aryeh told The Post. "They burned $ 27 million — where did it go?"

Nevertheless, Aryeh and Tilles admit that proxy wars are still far from a sure bet. Turing's parent company, Phoenix (now renamed Viera), told activist investors that Sukureli can no longer vote for his shares because Sukureli has been banned from the industry by the federal government. However, according to Aryeh, current directors can still win the battle by issuing new shares.

Martin shkreli
Getty Images

Sucreli previously owned 44% of the company. Activist investors say they don't know what percentage of the board members currently hold. Aryeh adds that the board still seems to be packed with Sucreri buddies who can do whatever he wants to do.

"It all comes down to a handful of institutional shareholders," Aryeh told The Post. "They need to vote for Martin's peers, and therefore need to end his embarrassing, highly exaggerated impact on the perceptions of the life-saving pharmaceutical industry."

Vyera staff Did not immediately respond to the request for comment.

After acquiring exclusivity in 2015, after raising the price of the life-saving AIDS drug Dalaprim from $ 17.50 to $ 750 , Became infamous.

In December, the Federal Trade Commission accused the court of using anti-competitive tactics to raise the price of Dalaprim. The federal government has won, and as a result, Sucreli has been banned from the US pharmaceutical industry.

Martin Shkreli
AP

However, because the parent company is based in Switzerland, Swiss rules It is not subject to FTC prohibition.

"The plan is to remove Martin from the company, adjust the price of Dalaprim to pre-Sukureli levels, and do the right thing to patients, doctors and then shareholders first. "Aryeh said. 

Sukureli is a securities fraud committed while operating two hedge funds, from to seven years' imprisonment by 2023 He was released from prison early after being sentenced to.

After leaving prison in May, Sukreri will be moved to a so-called half-hearted home and released on September 14.

When Sucreli was released, he joked on Facebook, "Getting out of a real prison is easier than getting out of a Twitter prison." Was banned from Twitter in 2017.