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# 2 Former Immunomedics Officials Arrested
- URL: https://www.fdaweb.com/2-former-immunomedics-officials-arrested/
- Published: 2021-12-02T12:00:00.000Z
- Updated: 2026-09-14T17:24:17.000Z
- Author: David McFarland
- Tags: Drugs, #legacy-id-D5150690

The Justice Department says the former chief financial officer and former head of corporate communications for a $21 billion biopharmaceutical company have been arrested for their role in an insider trading scheme. (While the Justice Department [statement](https://www.justice.gov/usao-nj/pr/former-chief-financial-officer-and-former-head-corporate-communications-21-billion?ref=fdaweb.com) did not identify the company, the Associated Press reports that a Securities and Exchange complaint filed last year against the two identified the company as Immunomedics, Morris Plains, NJ, which was bought by Gilead Sciences in late 2020.)

The Justice Department says that from 2018 through 10/2020, **Usama Malik** was the company chief financial officer and received material non-public information about a new breast cancer drug. Before the public announcement of the drug, the department says, Malik passed the information to **Lauren Wood**, who was the company’s communications director and lived with Malik. She then placed an order for some 7,000 shares of Immunomedics stock even though the stock had recently been downgraded by financial experts. The stock price increased after the 4/6/20 announcement of the new drug. The government says Wood sold her shares and more than doubled her investment, realizing gross profits of $213,618, and returned $65,000 to Malik.

The securities count carries a potential penalty of 20 years in prison and a $5 million fine, the department says.