SEC Charges 3 with Insider Trading at Ariad Pharma
The Securities and Exchange Commission has filed insider trading charges against two former employees and the spouse of a former employee of Ariad Pharmaceuticals for allegedly trading in advance of FDA decisions that impacted the sales and marketing of the company’s main cancer drug. According to the SEC’s complaint, Harold Altvater, whose wife was an Ariad employee, made multiple illegal trades in Ariad stock based on non-public information he obtained from her. Former Ariad executive Maureen Curran sold Ariad stock 12/2012 after attending meetings with the agency and learning had material nonpublic information. And former executive Susan Dubuc allegedly tipped off relatives before an announcement in 2013 that there would be a pause in all clinical trials for its FDA-approved drug.