Compliance Hot Spots: SEC Pursues Novel Insider Trading Case + 'Hypocrisy' in White-Collar Crime Response + SDNY Vet Leads Russia Sanctions Task Force
The SEC is litigating what some observers are a calling a first-of-its-kind insider trading case against a pharma executive who allegedly bought stock in a rival company after hearing that his own company was about to be acquired.
March 10, 2022 at 09:59 AM
13 minute read
Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends. Today, we'll examine a novel SEC insider trading case and a new focus from DOJ on white-collar crime victims. Plus, a look at the Big Law firms in DOJ's major new antitrust lawsuit in the health insurance industry. Drop me a line about how it's going and what you're hearing. Contact me at [email protected] and @AGoudsward on Twitter.
U.S. Securities and Exchange Commission building in Washington, D.C. January 5, 2019. SEC Pursues Novel Insider Trading Case
It's not your average insider trading case.
Matthew Panuwat was an executive at the pharmaceutical company Medivation in 2016 when he got wind that industry giant Pfizer was planning to buy the company. According to the SEC, Panuwat bought a bunch of stock in one of Medivation's competitors, Incyte, believing the planned sale would boost the prospects of one of a rival company.
He was right. Incyte's stock climbed 8% the day the deal was announced and Panuwat became about $107,000 richer, according to the SEC's complaint filed against him last August.
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