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A former communications director of a pharmaceutical company has pleaded guilty to authorities stating that it is an insider trading scheme that includesbreast cancer treatments.
Lauren Wood will be convicted of one securities fraud in Newark Wednesday and will be sentenced to prison in November.
Wood in Washington and his former executive Osama Malik were indicted in December. The company was not identified in the criminal accusation, but another Securities and Exchange Commission complaint identified Malik as the former CFO of Immunomedics based in Morris Plains, NJ. Immunomedicine was purchased by Gilead Sciences in 2020.
KUDLOW SAY Senators must be "significantly punished" when engaging in insider trading
Federal Authority Malik Shared non-public information about the efficacy of thedrug in pre-marketing clinical trialswith Wood, who lived with him at the time, and Wood used it to publish the information.
NJ's pharmaceutical company employees say they have a breast cancer drug. I have pleaded guilty to insider trading.
Wood's lawyer declined to comment on Thursday. Billing for Malikis pending. A lawyer representing him also declined to comment.
Sen. LOEFFLER defends against allegations of insider trading. He says he is "no sei" about the equity portfolio