Former Drug CEO Shkreli Subpoenaed to Appear Before Congress

WASHINGTON (Bloomberg News/TNS) -

Martin Shkreli, the former drug-company CEO charged with securities fraud, has been subpoenaed by a U.S. congressional committee investigating the price of drugs.

The House Committee on Oversight and Government Reform is holding a Jan. 26 hearing on “developments in the prescription drug market,” and had asked for documents from several companies, including Turing Pharmaceuticals AG and Valeant Pharmaceuticals International Inc., about how they priced treatments. Shkreli’s former company, Turing, rose to notoriety after it acquired a decades-old anti-parasitic treatment and overnight raised the price to $750 a pill from $13.50.

Shkreli is facing charges related to a separate former company and several hedge funds he used to run. He has maintained his innocence and pleaded not guilty. It is not clear if he would appear at the congressional hearing.

“We subpoenaed him,” MJ Henshaw, a spokeswoman for the committee, said in an -mail. “The Committee expects him to comply with that subpoena.”

Henshaw said that Shkreli is the only person who’s been subpoenaed as part of the hearing.