For­mer Im­munomedics CFO Us­ama Ma­lik re­sponds to in­sid­er trad­ing charges af­ter 'my ca­reer and ... rep­u­ta­tion evap­o­rat­ed'

A cou­ple weeks af­ter fac­ing in­sid­er trad­ing al­le­ga­tions, for­mer Im­munomedics CFO Us­ama Ma­lik re­spond­ed to the charges in a vague­ly word­ed LinkedIn post re­flect­ing on the mo­ment when his “world was up­end­ed.”

Ma­lik was charged on Dec. 2 over al­le­ga­tions that he tipped off his then-girl­friend and four oth­ers that a Phase III study for Im­munomedics’ breast can­cer drug Trodelvy would be stopped ear­ly, the De­part­ment of Jus­tice said in a com­plaint. Those in­di­vid­u­als went on to pur­chase more than 9,000 Im­munomedics shares, with one of them sell­ing those shares right af­ter the news broke and the biotech’s stock price dou­bled.

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