Former Turing Pharmaceuticals CEO Martin Shkreli Subpoenaed by Congress for Drug Prices Hearing

PHOTO: Martin Shkreli, chief investment officer of MSMB Capital Management, sits for a photograph in his office in New York, Aug. 10, 2011. Paul Taggart/Bloomberg via Getty Images
Martin Shkreli, chief investment officer of MSMB Capital Management, sits for a photograph in his office in New York, Aug. 10, 2011.

Martin Shkreli, the former pharmaceutical company CEO charged with securities fraud, has been subpoenaed by a House panel investigating prescription drug prices.

The former CEO of Turing Pharmaceuticals has been ordered to appear before the House Oversight Committee for the panel's Jan. 26 hearing on "developments in the prescription drug market."

MJ Henshaw, a spokeswoman for committee Chairman Jason Chaffetz, R-Utah, confirmed the subpoena, which was sent out last week.

The committee's top Democrat, Rep. Elijah Cummings, D-Maryland, has been after Turing and several other pharmaceutical companies over drug prices for several months, and had previously requested pricing-related documents.

"I have been trying for the better part of a year to get information from Martin Shkreli about his outrageous price increases, and he has obstructed our investigation at every turn," Cummings wrote in a statement. "He claims publicly that he wants to explain to Congress how drug pricing works. On Tuesday, he will get his chance."

Shkreli has entered a not-guilty plea for the securities fraud charges, which were not related to his stint at Turing Pharmaceuticals.

Shkreli became a lightning rod for criticism after Turing raised the price of Daraprim -- used to treat parasitic infections that most often occur in those with compromised immune systems due to cancer treatments or HIV infection -- from $13.50 to $750.

While the committee expects Shkreli to appear next week, the 32-year-old former drug executive suggested he may ignore the subpoena in a Twitter post.