Nasdaq to delist drug developer KaloBios due to arrest of notorious CEO Shkreli

One of the biotech companies run by Martin Shkreli, the drug price-gouger charged with securities fraud last week, has been told that its stock will be delisted by Nasdaq because of Shkreli's arrest and other factors.

See Full Article

KaloBios Pharmaceuticals was out of money and planning to shut down when Shkreli, the CEO of Turing Pharmaceuticals, gained controlling interest in KaloBios in November and took over running the South San Francisco, California, drug developer.

KaloBios says Nasdaq wrote that it will be removed from trading on Dec. 30 if KaloBios doesn't appeal. Nasdaq informed the company it would be delisted due to reasons including the indictment and arrest of both Shkreli and an outside attorney for KaloBios.

Shkreli became notorious after hiking the price of a life-saving drug by 5,000 per cent.



Advertisements

Latest Economic News

  • Unions representing CP Rail workers issue notice of strike action

    Economic CTV News
    LAVAL, Que. -- The unions representing train operators and signalling workers at Canadian Pacific Railway Ltd. have served the company with notice of a strike action. The Teamsters Canada Rail Conference and the International Brotherhood of Electrical Workers have told CP Rail they will be in a position to strike as of 10 p.m. Source
  • CP Rail union formally serves strike notice

    Economic CBC News
    The strike notice comes a day after the Teamsters Canada Rail Conference rejected the company's latest contract offer. "After workers at CP voted to reject the last contract offers, the company is still refusing to negotiate seriously," the statement said. Source
  • Loonie sinks to two-week low: Is this the start of another big drop?

    Economic CBC News
    The Canadian dollar fell to a two-week low against the U.S. dollar on Friday as lower oil prices and global trade tensions continue to weigh on the currency. The loonie is already down more than three per cent this year and was at 77.11 cents US on Friday. Source
  • What Trump's proposed auto tariff could mean for Canada

    Economic CBC News
    As with many of the trade actions announced by the Trump administration, the possible effects of his proposed Section 232 investigation of vehicle imports are both menacing and unclear. To understand how it might affect Canada, one first has to know how the Trump administration intends to define an "imported car. Source
  • WestJet agrees to 'settlement process' with pilots union

    Economic CBC News
    Anxious air travellers can now rest easy with the threat of a WestJet strike seemingly at an end. On Friday evening, WestJet and the Air Line Pilots Association agreed to a settlement process through the Federal Mediation and Conciliation Service. Source
  • WestJet, pilot's union agree to settlement process with mediator

    Economic CTV News
    CALGARY -- The threat of a strike by WestJet pilots appears to be over. The Calgary-based airline and the union that represents the pilots said Friday they have agreed to a settlement process that will involve a federal mediator. Source
  • Canada's pot industry gets a new supporter: Snoop Dogg

    Economic CTV News
    MONTREAL -- Canada is more advanced than the United States regarding its approach to cannabis, world-famous rapper and weed entrepreneur Snoop Dogg said Friday to a crowd of hundreds at Montreal's C2 technology conference. The entertainer lamented that in the U.S. Source
  • Energy sector weighs on Canadian markets as oil drops below US$70 a barrel

    Economic CBC News
    Canada's main stock index continued to fall Friday as the price for oil moved below US$70 a barrel and further dragged down the important energy sector. "Today, oil is by far the major story," said Macan Nia, a senior investment strategist at Manulife Investments. Source
  • Mercer International to give up TSX listing following loss at NAFTA tribunal

    Economic CBC News
    Mercer International says it intends to voluntarily de-list from the Toronto Stock Exchange on June 11, about three months after it lost a six-year-old NAFTA battle with the Canadian government. The U.S.-based forest products company had mounted a $250-million claim against the Canadian government in early 2012. Source
  • Pot is about to become big business, but not everyone will win: B.C. ex-premier

    Economic CTV News
    VICTORIA - Former British Columbia premier Mike Harcourt says Canada is about to enter a new gold rush with many dreaming of striking it rich in the marijuana industry. But he says there will be plenty of losers during the pending cannabis industry shakedown, where qualified and unqualified entrepreneurs search for marijuana riches. Source