In SEC v. Panuwat, a jury found the defendant liable for insider trading for using nonpublic information about Pfizer's impending acquisition of his employer, Medivation, to buy short-term, out-of-the-money call options on Incyte Corporation rather than securities of Medivation.
Notes on verification
Confirmed by multiple independent legal analyses and SEC's own litigation release, consistent on all key details including the jury verdict, the 'shadow trading' theory, and the specific securities involved. [tier=unverified indep_score=0.3 clusters=2 claim_tier=notable] [rescored 2026-09-15: curated origin-host map (PR #65); unclassified hosts no longer scored as aggregators]
Sources
- SEC Announces Enforcement Results for Fiscal Year 2024 (seed:economics_and_business)
- https://www.omm.com/insights/alerts-publications/jury-finds-former-executive-liable-in-novel-shadow-insider-trading-case/ (corroboration)
- https://www.mofo.com/resources/insights/240416-takeaways-for-in-house-counsel (corroboration)