PixarBio CEO's Greed Drove Stock Fraud, Boston Jury Hears

Law360, Boston (October 9, 2019, 10:18 AM EDT) -- In his quest to be rich, the CEO of a Boston-based biotech company lied to investors about himself and his company in order to drive up the company's stock price, a federal jury heard Wednesday morning as the executive's trial began.

Frank Reynolds told investors his company, PixarBio, raised more than $30 million and was developing a drug that could end opioid addiction and was headed toward U.S. Food and Drug Administration approval within two years, Assistant U.S. Attorney Leslie Wright told the jury during opening statements. But it was all a lie, the prosecutor said.

"Billionaire with a 'B,' that's...

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