Ex-Pfizer Employee Charged With Insider Trading for Using Secret Trial Data to Reap Profits

A former Pfizer employee obtained non-public trial results for the company's COVID-19 antiviral treatment and used the information for illegal stock trading.
The employee tipped off a friend who also traded Pfizer stock based on the insider information and together they made $350,000 in profits.
The trial data showed Pfizer’s Paxlovid reduced hospitalizations and deaths in high-risk COVID-19 patients by 89% compared to a placebo.
The former employee faces four counts of securities fraud and one count of conspiracy to commit securities fraud.
His friend faces two counts of securities fraud and one count of conspiracy to commit securities fraud for participating in the insider trading scheme.