Resignations at KaloBios After Shkreli Scandal
KaloBios Pharmaceuticals ( KBIO ) -- the company that ousted CEO and pharma-bromingo Martin Shkreli after his arrest on securities fraud charges -- states in a recent 8-K report that its interim CFO and accounting firm have resigned. Moreover, one of America's premier stock exchanges, the Nasdaq, could delist the company's shares by the end of the year.
(Also read: " KaloBios Pharmaceuticals CEO Martin Shkreli Fired ")
Christopher Thorn, KaloBios' interim chief financial officer, and Marcum LLP, company's independent registered public accounting firm, both submitted their letters of resignation on Monday, the company reports.
(Also read: Shkreli Out At Turing, KBIO Looking To Move On ")
Nasdaq staff notified the company that it intended to delist the stock for a number of reasons under its rule 5101, most notably the arrest and indictment of Shkreli, as well as the arrest and indictment of the company's former outside counsel, Evan Greebel.
(Also read: " Did the Wu-Tang Clan Rat Out Martin Shkreli to SEC? ")
KaloBios has not filed its 10-Q report for the period that ended on Sept. 30. If KaloBios does not appeal Nasdaq's ruling, the company's common stock will be delisted at the opening of business on Dec. 30.