Former Immunomedics CFO Usama Malik and his ex-girlfriend have been billed with working with inside data he experienced attained about a person of the pharmaceutical firm’s drugs to trade in its shares.
According to the U.S. Securities and Trade Commission, Malik was living with Lauren Wooden, Immunomedics’ former head of corporate communications, when he tipped her off in April 2020 that a scientific demo to evaluate the company’s Trodelvy breast cancer drug experienced been halted simply because existing data already showed it was helpful.
In just minutes of obtaining the tip, Wooden purchased Immunomedics shares, sooner or later knowing earnings of $213,618 when she offered the inventory right after the company announced the favorable information about Trodelvy, the SEC stated in a civil grievance.
Malik also allegedly tipped off 3 loved ones associates, who manufactured a whole of about $21,four hundred in unlawful trading earnings. He and Wooden were being