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Home » Immunomedics Former CFO Usama Malik Charged With Insider Trading Over Breast Cancer Study
Immunomedics Former CFO Usama Malik Charged With Insider Trading Over Breast Cancer Study
Immunomedics’ former chief financial officer Usama Malik was indicted by a federal grand jury in a New Jersey court and charged with insider trading and sharing confidential clinical trial details with a former girlfriend, Lauren S. Wood, who also worked at the company.
Malik allegedly shared confidential information about a phase 3 breast cancer clinical trial’s promising results and encouraged Wood to purchase company stock before the results became public.
Malik is also accused of sharing the confidential information with several relatives.
The Department of Justice is demanding that Malik return all profits gained from the alleged insider trading.
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