Martin Shkreli, a pharmaceutical and financial executive, has been issued a subpoena by Congress to testify before its Committee on Oversight and Government Reform on Jan 26. He has been summoned to discuss developments in the prescription drugs market, including presumably specific drug price rises attributed to him.
Shkreli tweeted: "House busy whining to healthcare reporters about me appearing for their chit chat next week. Haven't decided yet. Should I?" according to CNN Money.
Rep. Elijah Cummings, a member of the House committee that issued the subpoena, said: "I have been trying for the better part of a year to get information from Martin Shkreli about his outrageous price increases and he has obstructed our investigation at every turn. He claims publicly that he wants to explain to Congress how drug pricing works. On Tuesday, he will get his chance," according to CNN Money.
Shkreli was arrested in December based on allegations that he committed securities fraud. That matter is now ongoing and Shkreli is out on bail. He also changed the attorneys that were representing him in that matter. He is being accused in this case also of running something like a ponzi scheme, where he is alleged to have paid for the debts of one of his present companies with the assets of a new company he acquired, according to Reuters.
Shkreli was one of the founders of the hedge fund company MSMB Capital Management. He was previously CEO of Turing Pharmaceuticals. He was forced to resign from Turing after it increased the price of one tablet of the drug Daraprim from $13.50 to $750, an increase of 5,556 percent.
Shkreli was also previously the CEO of another pharmaceutical company, KaloBios Pharmaceuticals. KaloBios sacked Shkreli from the CEO position, and has sued Shkreli alleging that the company was mismanaged during Shkreli's time as the CEO there. KaloBios subsequently filed under Chapter 11 for bankruptcy, according to The New York Daily News.
