The Securities and Exchange Commission (SEC) on Thursday charged the former chief financial officer of biopharmaceutical company Immunomedics (IMMU) and his former romantic partner with insider trading.
Usama Malik, who served as CFO and chief business officer at IMMU from 2017 through October 2020, allegedly tipped off his then-girlfriend, Lauren Wood, when he learned in April 2020 the company would announce the Food and Drug Administration (FDA) permitted it to halt a clinical trial for a breast cancer drug because existing trial data provided compelling evidence the drug was effective. Wood, who was living with Malik at the time, then bought IMMU stock, according to the SEC’s complaint.
