Cytokinetics Leaders Gained $16 Million as Insiders, Suit Says

Cytokinetics Inc. board members sold stock worth $16 million while they kept the public in the dark about a deficiency in the biotech company’s FDA application for a heart drug, an investor alleges.

The submission to the Food and Drug Administration was missing a necessary safety plan, delaying the agency’s review of the treatment by three months, Lois Pohlmann says in her suit on behalf of the company. That in turn caused a pair of stock drops when revealed and harmed Cytokinetics, according to the complaint filed Monday in the US District Court for the Northern District of California.

The ...