Sam Waksal is once again in legal trouble.
The biotech entrepreneur, who was famously convicted of insider trading in 2003, allegedly breached his fiduciary duties and engaged in “grossly negligent and reckless conduct” as the chairman, CEO, and largest shareholder of Equilibre Biopharmaceuticals, according to a lawsuit filed this week in U.S. bankruptcy court by the trustee of the company.
Among Waksal’s “most reckless acts,” the lawsuit alleges, was an incident in which Waksal and other Equilibre employees smuggled into the U.S. a veterinary medicine that was unapproved for human use, and then administered it to a severely ill child “outside of approved protocols and without the Food and Drug Administration’s authorization.”
Continue to STAT+ to read the full story…
Sam Waksal is once again in legal trouble.
The biotech entrepreneur, who was famously convicted of insider trading in 2003, allegedly breached his fiduciary duties and engaged in “grossly negligent and reckless conduct” as the chairman, CEO, and largest shareholder of Equilibre Biopharmaceuticals, according to a lawsuit filed this week in U.S. bankruptcy court by the trustee of the company.
Among Waksal’s “most reckless acts,” the lawsuit alleges, was an incident in which Waksal and other Equilibre employees smuggled into the U.S. a veterinary medicine that was unapproved for human use, and then administered it to a severely ill child “outside of approved protocols and without the Food and Drug Administration’s authorization.”
Continue to STAT+ to read the full story…
