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Karma: Act II, Scene 1- Martin Shkreli’s former company IMPLODES!

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In a filing with the Securities and Exchange Commission (SEC) on Wednesday, the pharmaceutical company KaloBios (KBIO; 442 Littlefield Ave., South San Francisco, CA), once led by Martin Shkreli, announced that its interim CFO and auditor both resigned, leaving the company with limited executive management!

SFGate.com states:

Additionally, the Nasdaq informed KaloBios that its stock would be delisted. Shares of the company had been halted since Shkreli’s December 17 arrest on securities-fraud charges. Shkreli was fired as CEO of KaloBios on December 17.

 KaloBios shares, which in November were trading below $1, spiked to as high as $40 a share after Shkreli and his associates acquired 70% of the company’s outstanding shares.

In addition to executive departures and a delisting of shares, Marcum LLP resigned as KaloBios’ independent auditing firm, though according to the filing with the SEC, “Marcum’s resignation was not due to any reason related to the Company’s reporting or accounting operations, policies or procedures.”

Shkreli came to the attention of the general public this fall, when his company, Turing Pharmaceuticals, raised the price of a drug used in the treatment of cancer and AIDS by 5,000%. Shkreli also resigned from his position of CEO at Turing.

Shkreli’s arrest last Thursday was related to fraud charges stemming from his leadership of two hedge funds and a pharmaceutical company called Retrophin, of which he served as CEO from 2012 to 2014.

And while his arrest was unrelated to the controversial drug-price increases put in place at Turing, Shkreli told The Wall Street Journal that he believes he was targeted by authorities because of these increases and because he’s become an increasingly public persona over the last several months.

Maybe. Or maybe, Karma has a way of biting you in the hindquarters…. Let’s hope that it becomes a trend among banks, investment companies, and hedge fund companies that have thus far escaped jail sentences for plunging the world into recession in the early years of this century.

-Bill at

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