Nasdaq to delist KaloBios stock in aftermath of Martin Shkreli's arrest

24 December 2015

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.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK