Alleged Shadow Trader Asks Judge To Halt SEC 'Overreach'

By Hannah Albarazi (January 12, 2022, 9:31 PM EST) -- An ex-Medivation executive urged a California federal judge at a hearing Wednesday to toss the U.S. Securities and Exchange Commission's "overreaching" claim he engaged in insider trading by buying stock options in a rival biopharmaceutical company after learning Pfizer was purchasing Medivation, saying the insider trading law "just doesn't apply here."

Counsel for former Medivation Inc. business development head Matthew Panuwat told the court that his client didn't violate any insider trading laws by purchasing short-term stock options in rival mid-size cancer-focused drug company Incyte Corp. after learning in 2016 that Medivation was being acquired by Pfizer Inc.

The attorney, Anthony Pacheco of Vedder...

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