US vs Nader Pourhassan ***If convicted, Mr Pourha
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Posted On: 10/28/2024 2:23:30 PM
US vs Nader Pourhassan
***If convicted, Mr Pourhassan (and the CEO of Cytodyn’s CRO) face a maximum penalty of 20 years in prison on each wire fraud and securities fraud charge, and 5 years imprisonment on the conspiracy count. Trial is scheduled for 4 November 2024***
US v Nader Pourhassan & anor
The second case is US v Nader Pourhassan & anor. Mr Nader Pourhassan is the former President and CEO of CytoDyn Inc., a NASDAQ-listed biotech company developing leronlimab, a monocloncal antibody for the treatment of HIV. Mr Pourhassan is charged with the criminal offences of conspiracy, wire fraud and securities fraud. The indictment alleges that the CEO made (and caused CytoDyn to make) materially false and misleading representations about the timeline for completion and submission to the FDA of its biologics licence application (“BLA”) for leronlimab.
After Cytodyn repeatedly missed its publicised timelines for BLA submission, Mr Pourhassan is alleged to have directed CytoDyn’s CRO/regulatory agent to submit the BLA even if it was incomplete, so that he could announce to the market that the BLA had been submitted. According to the SEC prosecutors, after submitting the incomplete BLA, he issued a press release stating that a “complete” BLA had been submitted to the FDA, when in fact he knew that it was incomplete and the FDA would refuse to review it. Pourhassan then allegedly sold millions of dollars worth of CytoDyn stock, before news of the FDA’s rejection of the BLA became public knowledge.
If convicted, Mr Pourhassan (and the CEO of Cytodyn’s CRO) face a maximum penalty of 20 years in prison on each wire fraud and securities fraud charge, and 5 years imprisonment on the conspiracy count. Trial is scheduled for 4 November 2024.
If you would like to discuss any of these issues, or have faced similar issues on reporting clinical trials results, please let us know, or contact your usual TW contact.
https://www.taylorwessing.com/en/insights-and...the-market
Credit mcvest at https://www.investorvillage.com/smbd.asp?mb=1...d=25185016
***If convicted, Mr Pourhassan (and the CEO of Cytodyn’s CRO) face a maximum penalty of 20 years in prison on each wire fraud and securities fraud charge, and 5 years imprisonment on the conspiracy count. Trial is scheduled for 4 November 2024***
US v Nader Pourhassan & anor
The second case is US v Nader Pourhassan & anor. Mr Nader Pourhassan is the former President and CEO of CytoDyn Inc., a NASDAQ-listed biotech company developing leronlimab, a monocloncal antibody for the treatment of HIV. Mr Pourhassan is charged with the criminal offences of conspiracy, wire fraud and securities fraud. The indictment alleges that the CEO made (and caused CytoDyn to make) materially false and misleading representations about the timeline for completion and submission to the FDA of its biologics licence application (“BLA”) for leronlimab.
After Cytodyn repeatedly missed its publicised timelines for BLA submission, Mr Pourhassan is alleged to have directed CytoDyn’s CRO/regulatory agent to submit the BLA even if it was incomplete, so that he could announce to the market that the BLA had been submitted. According to the SEC prosecutors, after submitting the incomplete BLA, he issued a press release stating that a “complete” BLA had been submitted to the FDA, when in fact he knew that it was incomplete and the FDA would refuse to review it. Pourhassan then allegedly sold millions of dollars worth of CytoDyn stock, before news of the FDA’s rejection of the BLA became public knowledge.
If convicted, Mr Pourhassan (and the CEO of Cytodyn’s CRO) face a maximum penalty of 20 years in prison on each wire fraud and securities fraud charge, and 5 years imprisonment on the conspiracy count. Trial is scheduled for 4 November 2024.
If you would like to discuss any of these issues, or have faced similar issues on reporting clinical trials results, please let us know, or contact your usual TW contact.
https://www.taylorwessing.com/en/insights-and...the-market
Credit mcvest at https://www.investorvillage.com/smbd.asp?mb=1...d=25185016
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