Former Pfizer Statistician Arrested for Insider Trading on COVID-19 Treatment Information

The Securities and Exchange Commission (SEC) has charged a former Pfizer employee, Amit Dagar, and his friend Atul Bhiwapurkar with insider trading. Dagar, who was a senior statistical program lead for Pfizer's COVID-19 antiviral treatment trial, allegedly traded ahead of the company's announcement of the successful trial results for Paxlovid. The SEC claims that Dagar purchased short-term call options in Pfizer and tipped off Bhiwapurkar, resulting in illicit profits of approximately $214,395 and $60,300, respectively. The SEC's complaint seeks injunctive relief, disgorgement, and civil penalties. Criminal charges have also been filed by the U.S. Attorney's Office for the Southern District of New York.