CNN —The US Securities and Exchange Commission on Thursday charged a former Pfizer employee and his friend for trading on insider information regarding the success of the company’s trial for Paxlovid, its Covid antiviral drug.
The US Attorney’s Office of the Southern District of New York also charged Amit Dagar, the former Pfizer employee, and his friend Atul Bhiwapurkar, in a separate case.
“The charges in this case relate to the personal conduct of a former Pfizer employee in violation of the company’s policies.
Shares of Pfizer rose nearly 11% on November 5, 2021, the day the company announced the results of the Paxlovid trial.
Bhiwapurkar, 45, of Milpitas, California, has been charged with two counts of securities fraud and one count of conspiracy to commit securities fraud.
Persons:
Amit Dagar, Atul Bhiwapurkar, ”, Dagar, Bhiwapurkar
Organizations:
CNN, US Securities and Exchange Commission, Pfizer, Paxlovid, US, Office, Southern, of, ” Pfizer, SEC
Locations:
of New York, Hillsborough , New Jersey, Milpitas , California