Author’s Note: The fund manager alluded to in this article contacted SR. He indicated the complaint from Massachusetts was settled favorably. SR agrees. While the paragraphs were accurate with regard to readily available public information, they were not up to date. The paragraphs in question are hereby retracted with apologies.
Sludge Reports would like to officially congratulate you on the departure of your CEO! This may be the ‘BEST DAY’ of Retrophin’s existence!
SR has followed this story since Retrophin was listed. However, it was almost too easy to write an article about the pitfalls of this investment. Recently though, the bizarre behavior of Martin Shrekli not only came into public focus, but then escalated into childish behavior that should be analyzed by a professional (Please Martin, for your own sake seek help).
For those who disagree, let me repeat my post from a recent Seeking Alpha article revealing some of these extreme behavioral issues of the former CEO.
SR’s opinion is simple, the post below was made on the Seeking Alpha article after this happened yesterday.
“What is funny in private, is completely unacceptable in the workplace. Imagine a women who works at RTRX and these kids, her bosses, are acting like frat boys cracking penis jokes.
Hostile work environment? Sure. Harassment even? If they direct any towards or near her. General unprofessional attitude that breaks their own published code of conduct? Yep!
If Martin and Patrick want to crack dirty jokes, then there is a time and place for that! After work, away from the office, when they are on their own time.
But let’s not forget, these are actually YOUR employees. You own shares and so they work for you. It is refreshing that you are so liberal as to allow your employees to squander company resources (time and money) to crack dirty jokes in a public forum and during business hours no less.
Is this a one off accidental breach of common sense? It doesn’t appear so. The RTRX Twitter shenanigans are well documented over the last year, even if Martin has deleted many of those tweets from his stream. Others have captured them, including Bloomberg.
This behavior would not fly at any company that is actually working for shareholders. As the author and Martin himself have pointed out numerous times though, Martin doesn’t care about shareholders like you, only the ‘7’ funds that own the majority.
Some shareholders have defended Martin saying these cases against him are frivolous and denouncing these horrible lawyers, yet Martin himself seems to be a bit Lawyer happy when he is filing lawsuits against others.
No matter how this Retrophin ‘experiment’ turns out, this will be a story most will never forget. It’s a train wreck you can’t help but slow to a crawl to watch, craning your neck to see the gore, and calling your friends to tell them ‘and then this happened’ as you drive away.
Just remember if he ever hires you, you can’t ever leave! If you do, your wife may get inappropriate tweets, your child may have some deranged stranger inviting him to a Facebook chat, and your new boss may receive a partially unmarked package that requires Homeland security to sweep for anthrax!
Ah Marty, the gift that keeps on giving! — and I thought the new Gotham series was good…”