Retrophin CEO canned due to stock irregularities

|By:, SA News Editor

According to Bloomberg Businessweek's Paul Barrett, Retrophin's (RTRX +15.2%) board fired CEO Martin Shkreli on Tuesday because of stock trading irregularities and other securities rules violations. His alleged misbehavior pertained to RTRX stock grants to certain people in the absence of a shareholder-approved distribution plan, failure to disclose stock grants and excessive stock grants over and above the limit stipulated by the distribution plan that was eventually put in place.

The company will issue a statement and submit a regulatory filing tomorrow to address its remedial actions.

COO Stephen Aselage will take over until a permanent CEO is hired by the board.

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