State and federal authorities sued imprisoned entrepreneur Martin Shkreli on Monday over tactics that shielded a profitable drug from competition after a price hike made the so-called “Pharma Bro” infamous
NEW YORK — .
They “held this critical drug hostage from patients and competitors as they illegally sought to maintain their monopoly,” Attorney General Letitia James said in a statement. Shkreli, 36, is serving a seven-year prison sentence for a securities-fraud conviction related to hedge funds he ran before getting into the pharmaceuticals industry.
Story continuesThen the company"kept the price of Daraprim astronomically high by illegally boxing out the competition,” FTC official Gail Levine said in a statement Monday. The lawsuit also accuses the company of maneuvering to cut off potential rivals’ access to suppliers of a key ingredient for the medication and to data they would want to evaluate the drug’s market potential.
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