FTC, States Ask Federal Court to Hold Martin Shkreli in Contempt for Allegedly Violating Lifetime Ban from Pharmaceutical Industry
The Federal Trade Commission and seven states today asked a federal judge to hold Martin Shkreli in contempt based on their allegations that he flagrantly and repeatedly violated a 2022 court order that banned him from the pharmaceutical industry. In a motion and brief filed today, the FTC and its state co-plaintiffs allege that Shkreli, since his release from prison in May 2022, has been…
The Federal Trade Commission (FTC) and seven states have asked a federal judge to hold pharmaceutical industry figure Martin Shkreli in contempt, alleging he repeatedly violated a 2022 court order prohibiting him from engaging in the pharmaceutical industry. The FTC and states claim Shkreli has been publicly trading in pharmaceutical industry stocks and commenting on the industry's management since his release from prison in May 2022.
The court found Shkreli's actions led to higher prescription drug costs and blocked the entry of lower-cost generics. The FTC initiated the case in January 2020, accusing Shkreli of orchestrating an illegal anticompetitive scheme that inflated the price of the life-saving drug Daraprim. The court ordered Shkreli to disgorge over $64 million, and a lifetime ban was imposed, forbidding him from participating in the pharmaceutical industry in any manner.
Shkreli has been accused of violating the court order by actively trading pharmaceutical stocks and broadcasting his opinions online. The FTC and states seek an order to hold Shkreli in civil contempt, forcing him to divest any pharmaceutical stocks he owns, pay a fine equal to his profits from stock trading, and face escalating consequences for any future violations.
Written by urgent.news from FTC Competition's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
