Former Pfizer employee convicted of insider trading on COVID-19 pill

A former employee of Pfizer Inc. was found guilty of using confidential information about the company’s COVID-19 treatment to conduct illegal operations, a move for federal prosecutors in their efforts to crack down on insider trading. And there is victory.

Amit Dagar Found guilty of securities fraud and conspiracy after a week-long trial in federal court. New York before the district judge Andrew Carter, He faces up to 20 years in prison on securities fraud charges when sentenced.

Dagar, from Hillsborough ,new Jersey), was charged in June with four counts of securities fraud and one count of conspiracy to trade confidential news about the drug’s positive clinical trials. paxlovid and give them to a friend, Atul BhiwapurkarOne day before the declaration of results in November 2021.

The government alleges that they traded at substantial profits, with Dagar making more than $214,000 and Bhiwapurkar making more than $60,000. his lawyer, patrick smithThere was no comment after the decision.

On 5th November 2021, Pfizer communicated to him paxlovid Hospitalizations and deaths of high-risk patients dropped 89%, the stock rose nearly 11% in premarket trading, and closed up 11% on the same day. The following month, the drug was authorized for emergency use. usabecame the first home remedy for COVID-19 Authorized by fda,

According to the allegation, Dagar Directed the statistical program of the randomized, double-blind trial of paxlovidWhich began in July 2021, when he learned from his supervisor via chat that the company had “achieved results” and a press release was scheduled to be published the next day.

The government alleged that the former employee then purchased stock options. Pfizer Short-term, while Bhiwapurkar bought the same options expiring in two weeks and informed another friend who also bought options expiring in three weeks.

Bhiwapurkar, by California, pleaded guilty to one count of securities fraud in October. He faces up to 20 years in prison at his sentencing Feb. 27.

Pfizer Drastically slashed its revenue and profit forecasts for fiscal 2023 after agreeing to withdraw doses paxlovid To the United States Government. Amid falling demand, the company in December issued a forecast to 2024 that showed the purchase of a major anti-cancer drug maker cancer Not enough to fill the growing gap in your franchise COVID-19,

Washington Post