A former pharmaceutical executive traded on nonpublic information about an antipsychotic drug’s development, avoiding $1.3 million in losses before the drugmaker announced the Food and Drug Administration had issues with its treatment, according to an SEC complaint.
George Demos, former vice president of drug safety and pharmacovigilance at Acadia Pharmaceuticals Inc., sold off more than 60,000 of his nearly 65,000 total option shares one day before the FDA-related announcement and a 45% stock drop, the Securities and Exchange Commission said in its suit filed in the US District Court for the Southern District of California.
The agency claims Demos engaged ...
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