The Securities and Exchange Commission has accused a former pharmaceutical-company executive of trading ahead of the announcement that Supernus Pharmaceuticals would acquire Adamas Pharmaceuticals.
Mukesh Asudani, who lives in India and formerly served as a senior human-resources executive, allegedly learned through internal meetings that his company was bidding for Adamas. The SEC says he sold his entire holding in the bidder on October 4, 2021, then used the proceeds and most of the available cash in his brokerage account to buy Adamas shares.
The complaint also alleges that Asudani caused accounts belonging to his son and a family friend to make purchases on the same day. When the transaction was announced a week later, Adamas shares rose about 75 percent. The three accounts allegedly made combined profits of approximately $78,751.
The allegations have not been adjudicated. The federal action in Manhattan seeks injunctions, disgorgement with interest, a civil penalty and an officer-and-director bar. The SEC’s official litigation notice links the complaint.
