Nasdaq to delist KaloBios stock in aftermath of Martin Shkreli's arrest
US biotech company KaloBios Pharmaceuticals (Nasdaq: KBIO) said it has received a delisting letter from the Nasdaq Stock Market on the back of the recent arrest of former Chief Executive Martin Shkreli’s arrest for securities fraud.
The company said the letter from the exchange also cited the arrest of Evan Greebel, the company's former outside counsel, based on similar allegations, and a civil complaint from the US Securities and Exchange Commission filed against Mr Shkreli and Mr Greebel based on similar allegations.
The company said its common stock will be suspended from trading on December 30 if it does not contest the move, adding that it has yet to decide whether to initiate an appeal. It is still unclear if shares in the company would resume trading prior to the delisting. The stock has been halted at $23.59 since December 16.
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