Former Pfizer Employee Arrested for Insider Trading on COVID Treatment Information

A former Pfizer employee and his friend have been arrested and charged with insider trading after allegedly using confidential information about the positive trial results of Pfizer's anti-covid medicine, Paxlovid, to make profitable stock trades. The ex-employee, Amit Dagar, who worked on the Paxlovid trial, is accused of buying options on Pfizer's stock after learning from his supervisor that the medicine would be a "game changer" in combating the pandemic. Dagar allegedly tipped off his friend, Atul Bhiwapurkar, who also made investments. The two men reportedly made a total profit of over $350,000. Both Dagar and Bhiwapurkar deny the charges.