Former Turing CEO Martin Shkreli invokes Fifth Amendment, refuses to give records to Congress
Former head of Turing, who is charged with securities fraud, has been subpoenaed to appear at hearing questioning drug prices.
Former Turing Pharmaceutical Chief Executive Martin Shkreli has invoked the Fifth Amendment by refusing to produce documents subpoenaed by a Senate committee investigating on prescription drug price hikes, according to NBC News and Twitter chatter between Shkreli and the chairwoman of the committee.
Sen. Susan Collins, R-Maine, said on Twitter that the investigation by the Senate Special Committee on Aging would be hindered without Shkreli's cooperation.
"Counsel informed our Committee that Mr. Shkreli was categorically invoking the 'Act of Production Privilege' under the Fifth Amendment," Collins wrote on Twitter. "Absent a valid justification for the grounds for invoking the Fifth Amendment, Mr. Shkreli's assertion could hinder our investigation."
Shkreli had been subpoenaed to appear Tuesday before the committee about prescription drug price hikes, according to published reports.
The hearing "Developments in the Prescription Drug Market: Oversight" is scheduled for 2 p.m., Tuesday, Jan. 26, according to the committee website.
For Tuesday's hearing, the committee asked for documents from several companies, including Turing Pharmaceuticals AG and Valeant Pharmaceuticals International Inc., about how they priced treatments, according to published reports.
Valeant's interim Chief Executive Officer Howard Schiller will testify at the hearing, a company spokeswoman said, according to the reports.
In December, Collins and others on Senate Special Committee on Aging targeted the Daraprim spike hike by Turing Pharmaceutical founder Martin Shkreli during the first of a series of hearings investigating abrupt and dramatic price increases in prescription drugs that are no longer protected by patents.
[Also: Senate committee targets Martin Shkreli, big pharma, over sky-high drug prices]
After the subpoena, Shkreli wasted no time in posting his thoughts on Twitter, saying Wednesday afternoon, "House busy whining to healthcare reporters about me appearing for their chit chat next week. Haven't decided yet. Should I?"
He also posted a photo of what looks like the subpoenae saying, "Found this letter. Looks important."
Shkreli rose to notoriety after he acquired Daraprim, a 60-year old drug that treats a parasitic infection that can be deadly to AIDS patients and others with weakened immune systems, and raised the price from $13.50 a pill to $750.
Shkreli resigned from the company after his December arrest on charges of securities fraud related to two hedge fund companies he ran. He pleaded not guilty to those charges.
News reports also revealed that Tuesday Shkreli scrapped his previous legal team and will have new lawyers for his defense. The previous legal team notified a Brooklyn judge of the change this week, according to published reports.
