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Former Pfizer employee charged with Covid drug insider trading | CNN Business

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Former Pfizer employee charged with Covid drug insider trading

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. Pfizer is cooperating with the government’s investigation,” Pfizer told CNN in a statement.

Shares of Pfizer rose nearly 11% on November 5, 2021, the day the company announced the results of the Paxlovid trial. Dagar and Bhiwapurkar, along with another individual Bhiwapurkar tipped off later, sold their options and generated more than $350,000 in profits, the US Attorney’s Office of the Southern District of New York said in a press release. Dagar and Bhiwapurkar were arrested Thursday morning.

 

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Ex-Pfizer employee, business partner charged with insider trading on COVID drug trial resultsA former Pfizer employee and their close friend are facing insider trading charges after federal officials claim they traded on non-public drug trial results in 2021.
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