Immunosyn CEO Hid FDA Hold From Investors, Jury Told
Law360, Chicago (April 19, 2016, 3:32 PM EDT) -- The CEO of publicly traded biopharmaceutical company Immunosyn Corp. hid regulators' concerns about the company's only drug from investors in an effort to keep its stock price high, the U.S. Securities and Exchange Commission told a jury in Illinois federal court Tuesday.
Stephen Ferrone signed off on multiple Immunosyn disclosures that hid from investors the fact the U.S. Food and Drug Administration denied the company's application to proceed to the human clinical trials portion of the drug approval process, SEC attorneys told the jury as Ferrone's civil trial began.
In the meantime, investors traded Immunosyn's stock without knowing the progress of...
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