Two Biotech CEOs Charged in Securities Fraud Schemes, DOJ Says

Two bio-technology executives were charged by the Justice Department with conspiracy to defraud investors through false and misleading representations related to development of an HIV drug, leronlimab.

Nader Pourhassan was the president and chief executive officers of CytoDyn Inc. at the time of the fraud while Kazem Kazempour co-founded Amarex Clinical ResearchLLC, which managed CytoDyn’s clinical trials, the department announced on Tuesday.

According to an unsealed indictment, Pourhassan allegedly made and caused CytoDyn to make, materially false and misleading representations about CytoDyn’s development of leronlimab as a potential treatment for Covid-19, including the results and significance of clinical trials ...