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Nasdaq set to delist Shkreli’s former firm KaloBios

The Nasdaq exchange has notified KaloBios Pharmaceuticals, a small company previously run by the embattled Martin Shkreli, that it plans to delist its shares, KaloBios said Wednesday.

The company — which has not traded since Thursday — has not decided whether to appeal the decision. If KaloBios does not respond by Dec. 28, trading in its shares will be suspended on Dec. 30.

KaloBios fired Shkreli on Monday amid allegations of misconduct at his former hedge fund and another pharmaceutical company, Retrophin. He pleaded not guilty to fraud charges Thursday in federal court in Brooklyn, New York, and was released on $5 million bail.

Martin Shkreli (C), chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs the U.S. Federal Court after an arraignment following him being charged in a federal indictment filed in Brooklyn, New York December 17, 2015.

Lucas Jackson | Reuters
Martin Shkreli (C), chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs the U.S. Federal Court after an arraignment following him being charged in a federal indictment filed in Brooklyn, New York December 17, 2015.

In its decision to delist KaloBios, the Nasdaq cited the arrest and indictment of Shkreli and Evan Greebel, who previously served as the company’s outside counsel. Greebel is accused of aiding Shkreli’s fraud and has pleaded not guilty.

KaloBios also has failed to file its quarterly report for the period ended Sept. 30.
[“source-gsmarena”]

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