A federal judge on Tuesday rejected Martin Shkreli's effort to dismiss a lawsuit accusing the imprisoned former pharmaceutical executive of trying to monopolize the lifesaving drug Daraprim, whose price he raised more than 4,000% in one day.
NEW YORK - A federal judge on Tuesday rejected Martin Shkreli’s effort to dismiss a lawsuit accusing the imprisoned former pharmaceutical executive of trying to monopolize the lifesaving drug Daraprim, whose price he raised more than 4,000% in one day.
U.S. District Judge Denise Cote denied requests by Shkreli and Vyera Pharmaceuticals, which he once ran, to dismiss all but one claim in a civil lawsuit by the Federal Trade Commission, New York Attorney General Letitia James and six other states. Nicknamed “Pharma Bro” for eccentricities including his use of social media, Shkreli is serving a seven-year prison term following his 2017 conviction for cheating investors in two hedge funds and trying to prop up a biotechnology company’s stock price.
Cote, who sits in Manhattan, said the complaint plausibly alleged that the defendants violated federal antitrust law by blocking rivals from accessing Daraprim, including when Vyera went so far as to repurchase the drug at above-retail prices.
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