Former CytoDyn Inc. Chief Executive Officer Charged with Fraud, Insider Trading
The Securities and Exchange Commission has charged Naderpourhassan with insider trading and fraud. The charges stem from allegations that Pourhassan misled shareholders about the progress of clinical research for COVID-19 or HIV.
Pourhassan, according to the SEC complaint, issued numerous press releases exaggerating CytoDyn’s progress in clinical trials with leronlimab. This antibody is used to treat different diseases. According to the complaint, in April 2020 CytoDyn falsely stated that it had completed a Biologics Licensing Application and submitted it to the U.S. Food and Drug Administration. This caused the stock price of the company to increase. Pourhassan is accused of failing to inform shareholders that the FDA had found the submission inadequate. Pourhassan has been accused of making profits of $4.7 million by selling $15.8 millions worth of CytoDyn stocks based upon false information.
In its complaint, the SEC also claims that Kazem Kazempour – CEO of a CytoDyn contract research organization – approved the incomplete request and sold later more than $420,000 in company stock.
Pourhassan, Kazempour and the SEC are accused of violating anti-fraud provisions in federal securities laws in a complaint filed by SEC in Maryland federal district court. The SEC seeks disgorgement of gains, civil penalties, interest before judgment, barring of officers and directors, and permanent injunctive measures.
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The U.S. Department of Justice, in parallel with SEC’s actions, has announced criminal accusations against Pourhassan & Kazempour.
Howard S. Kim is leading the investigation, which is also being carried out by Jacqueline Fine and Adam S. Grace. Lee Greenwood will oversee the litigation in New York Regional Office under Sheldon L. Pollock.
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC for short, is an American regulatory agency which oversees and enforces federal security laws. Its primary objective is to protect investors, and to maintain fair markets.
The SEC is responsible for ensuring that companies disclose accurate information in a timely manner about their operations, risks, and financial conditions. The SEC also regulates investment advisers and brokers to protect the market and prevent fraud.
The SEC can bring enforcement actions to individuals or companies who violate securities laws. This includes insider trading and fraudulent activities. It initiates legal actions, conducts investigations and imposes fines or sanctions for wrongdoers.
The SEC is also working to educate and inform the public about their rights and important investment topics. It offers investors resources and guidance for making informed decisions about various investment products.
Overall, the SEC has a critical role to play in protecting investors’ interests and ensuring that the U.S. markets are transparent, fair, and confident.
More information can be found at
