Former Pfizer Employee Charged With Insider Trading Related to COVID Treatment
A former employee for Pfizer was charged by federal investigators on Thursday after being accused of insider trading related to non-public results related to COVID drug Paxlovid.
Amit Dagar, 44, was charged with four counts of securities fraud and one count of conspiracy to commit securities fraud after federal investigators said that he used his knowledge of Paxlovid trials to purchase stock in Pfizer ahead of the release of positive test results.
Dagar “purchased short-dated, out-of-the-money call options in Pfizer stock. DAGAR also tipped his close friend, ATUL BHIWAPURKAR, about the coming drug results and BHIWAPURKAR also purchased short-dated, out-of-the-money Pfizer call options that expired approximately two weeks later. BHIWAPURKAR also tipped another friend (‘Individual-1’), who similarly purchased short-dated, out-of-the-money Pfizer call options that expired approximately three weeks later,” the Southern District of New York’s Department of Justice’s office said.
Bhiwapurkar, from California, was also charged with two counts of security fraud and one count of conspiracy to commit security fraud. The two are accused of purchasing the stocks in November 2021 after Dagar saw positive results from the company’s testing of Paxlovid ahead of their public release. (Read more from “Former Pfizer Employee Charged With Insider Trading Related to COVID Treatment” HERE)
Delete Facebook, Delete Twitter, Follow Restoring Liberty and Joe Miller at gab HERE.
