NEW YORK (AP) – State and federal authorities are suing imprisoned drug entrepreneur Martin Shkreli over tactics that shielded a profitable drug from competition after a price hike made the so-called “Pharma Bro” infamous.
New York Attorney General Letitia James and the Federal Trade Commission filed suit Monday. Shkreli was scorned as the bad-boy face of pharmaceuticals profiteering after he engineered a roughly 4,000-percent increase in the price of a long-existing medication for a sometimes life-threatening parasitic infection.
Monday’s lawsuit centers on subsequent actions by Shkreli and his former company. His lawyer, Benjamin Brafman, calls the suit a baseless and says Shkreli looks forward to defeating it.