Page 403 - The Case Lab Book

performance and the size of its assets under management in an attempt to
make it appear the fund was much bigger than it actually was.

In the SeraCare matter, Shkreli made an offer in June 2011 to buy the
company for $4.25 a share. "We strongly believe that the Board of
Directors should find our offer to be fair and in the best interests of the

Company's stockholders," Shkreli said in a letter sent to SeraCare's board.

At the time Shkreli claimed he wanted to buy SeraCare, his hedge fund

was actually suffering steep losses.

In New York, in mid December, 2015 Shkreli said if he could have done it
over (Daraprim),

“I probably would have raised the price higher,” adding,
“My investors expect me to maximize profits.”

However, Shkreli like a few other health-care firms - ones that acquire the
rights to drugs and significantly increase their prices - was drawing the
scrutiny of regulators and prosecutors, with a possible daunting effect on

aggressive drug-pricing strategies.

“Can I play Pokémon Go now?”

In January Shkreli retained criminal defense attorney Benjamin Brafman to

defend him.

He was subpoenaed to appear before the Committee on Oversight and

Government Reform of the U.S. House of Representatives to answer
questions about the Daraprim price increase.

On February 4, 2016, Shkreli appeared before the House committee.