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Pfizer Employee Used Secret COVID Info for Insider Trading, Feds Say

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The Department of Justice has indicted a Pfizer employee and his friend for allegedly using non-public knowledge related to a then-experimental COVID-19 treatment to conduct insider trading.

According to the DOJ, Amit Dagar leared on Nov. 4, 2021 that the results of confidential trials of paxlovid, a medicine to treat COVID, had been positive. He allegedly tipped off his friend, Atul Bhiwapurkar, as well as another unnamed individual, and they all made purchases in Pfizer stock.

The next day, the results were made public and the company’s stock price shot up. The trio allegedly sold their Pfizer call options shortly after, raking in more than $350,000 in profits. The Securities and Exchange Commission said they were caught through surveillance. Dagar and Bhiwapurkar face charges including securities fraud, each carrying a penalty of up to 20 years in prison.

 

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Ex-Pfizer employee charged with illegal trading based on unreleased Covid pill trial dataThe DOJ said the former employee and his close friend sold their Pfizer call options at 'significant profits' totaling more than $350,000.
Source: CNBC - 🏆 12. / 72 Read more »