Martin Shkreli, disgraced pharma CEO, to face congressional hearing
Subpoenaed to testify about company's decision to raise drug's price by more than 5,000%
A U.S. congressionalcommittee has demanded that former drug executive Martin Shkreliappear at a hearing on drug prices to testify about his formercompany's decision to raise the price of a lifesaving drug bymore than 5,000 per cent,congressional aides said on Wednesday.
Shkreli, who is separately facing federal criminal chargesthat he defrauded investors, has been served with a subpoena toappear on Jan. 26 before the U.S. House of Representatives'committee on oversight and governmentreform, the aides said.
Shkreli, 32, fired back at lawmakers on Twitter, writing onWednesday that the House was "busy whining to health-carereporters about me appearing for their chit chat next week. Haven't decided yet. Should I?"He declined an interview request.
The outspoken entrepreneur sparked a firestorm last yearafter he raised the price of Daraprim, a decades-old treatmentfor a dangerous parasitic infection, to $750 a pill from $13.50after acquiring it. The medicine once sold for $1a pill.
Found this letter. Looks important. pic.twitter.com/3Ws154SGM4
—@MartinShkreliI am confident I will prevail. The allegations against me are baseless and without merit.
—@MartinShkreliShkreli pleaded not guilty last month to criminal chargesthat he ran his companies like a Ponzi scheme, using eachsubsequent company to pay off defrauded investors from a priorcompany.
After his arrest, he stepped down as chief executive ofTuring Pharmaceuticals and was fired as chief executive ofKaloBios Pharmaceuticals Inc. KaloBios also filed forChapter 11 bankruptcy.
Shkreli's past companies also include Retrophin Inc., which sued him for alleged mismanagement.
Could refuse to answer questions
Testifying before Congress is risky for someone facing criminal charges because of the chance they could say something prosecutors would later use at a trial. For that reason, many such witnesses invoke the U.S. Constitution's Fifth Amendment right against self-incrimination and refuse to answer questions.
To even travel to Washington, Shkreli is required to first get the sign-off of a federal judge because his release on bond restricts him to certain parts of New York state. However, judges typically grant temporary travel waivers to white-collar defendants.
U.S. Representative Elijah Cummings of Maryland, the top Democrat on the oversight committee, said the hearing will give Shkreli a chance to explain his views on drug pricing.
"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," Cummings said in a statement.
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