Former Immunomedics CFO indicted on insider trading allegations
IvelinRadkov/iStock via Getty Images


Usama Malik, the former CFO of Immunomedics, has been indicted on charges of insider trading while at the biotech, the U.S. Department of Justice announced.
DoJ alleges that Malik passed along information on positive results of a trial for breast cancer treatment sacituzumab before they were publicly available to a woman he lived with who subsequently bought 7K shares.

After Immunomedics made the results public in April 2020, the stock price surged. The woman, Lauren Wood, who is also a former Immunomedics employee, later sold the shares, more than doubling her investment. She is charged with securities fraud.
Sacituzumab was approved in 2020 under the name Trodelvy for triple-negative breast cancer.
In September 2020, Gilead Sciences (NASDAQ:GILD) acquired Immunomedics for ~$21B.