Retrophin uplisted to NASDAQ global market


There's an interesting story playing out with shares of Retrophin (RTRX +28.9%), which are up sharply in morning trading.

The company priced a 4.7M share offering at $8.50 for gross proceeds of $40M.

In connection, RTRX announces approval to list on the NASDAQ Global Market. (PR)

In what has been deemed at shot at Questcor (QCOR +0.5%), RTRX is developing RE-034 for the treatment of Infantile Spasms.

Additionally, there have been some rather interesting comments emanating from what is purportedly the CEO's twitter account. On the offering: "I'm just going to type up a form letter for investors who are angry at me that they didn't get any [stock] in the offering." On QCOR (from Wednesday): "We filed an antitrust lawsuit against QCOR in California last night."

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Comments (3)
  • John Stiles
    , contributor
    Comments (16) | Send Message
     
    Folks should be very careful when considering buying stock in this company. The CEO was accused of stock manipulation in 2012. Andrew Left, a manipulative short who poses as a stock blogger and analyst under the Citron banner, is a 30,000 share holder. Hard to believe either of these gentlemen are interested in running a legitimate company. Interesting parallels to the "Wolf of Wall Street" currently playing at your nearest theater.
    11 Jan 2014, 11:42 PM Reply Like
  • John Stiles
    , contributor
    Comments (16) | Send Message
     
    CEO of Retrophin is Martin Shkreli. See article below re complaint filed against him with the DOJ.

     

    Jul 09, 2012

     

    CREW Calls for DOJ Investigation Into Short-Seller Shkreli

     

    Categories: Requests for Investigation, Federal Agencies, Department of Justice, Securities and Exchange Commission (SEC), Financial, States, New York, Wall Street, Press Releases

     

    Washington, D.C. – Today, Citizens for Responsibility and Ethics in Washington (CREW) asked Preet Bharara, U.S. Attorney for the Southern District of New York, to investigate the short-selling activities of hedge fund manager Martin Shkreli – and possibly others – to determine whether he has illegally manipulated stock prices in the biotechnology and pharmaceutical industries. CREW previously called on the Securities and Exchange Commission to investigate Mr. Shkreli’s interactions with the Food and Drug Administration (FDA).

     

    Read the letter to the U.S. Attorney.

     

    “Mounting evidence suggests Wall Street investors are inserting themselves into the FDA drug approval process to manipulate stock prices for financial gain,” said CREW Executive Director Melanie Sloan. “Thoroughly researching companies before making investment decisions is smart; intentionally making false claims to a federal agency to drive down stock prices is illegal.”

     

    Martin Shkreli is the chief investment officer for the New York-based hedge fund MSMB Capital Management LLC. CREW based its complaint on publicly available data, documents CREW obtained through a Freedom of Information Act request to the FDA, and information provided by an individual employed by a company affected by Mr. Shkreli’s actions.

     

    Acknowledging a financial interest, but with no medical expertise, Mr. Shkreli has posted blogs on investing website SeekingAlpha.com, spreading unfounded and inaccurate rumors about drugs owned by companies he was shorting. He also inserted himself into the FDA approval process for pending drugs of companies he was shorting. Following such actions, the companies’ stock price dropped and Mr. Shkreli made money.

     

    “Mr. Shkreli seems more interested in lining his own pockets than in fostering groundbreaking medical advances,” continued Ms. Sloan. “The U.S. Attorney’s Office has done an impressive job prosecuting insider trading, sending the clear message to Wall Street that such conduct will not be tolerated. Short-sellers like Mr. Shkreli who manipulate markets and government agencies for private financial gain should be pursued just as vigorously.”
    11 Jan 2014, 11:46 PM Reply Like
  • CDrucker
    , contributor
    Comments (73) | Send Message
     
    Martin Shkreli seems to be an amazing, visionary CEO.
    18 Jan 2014, 02:58 PM Reply Like
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