U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23868 / June 27, 2017
Securities and Exchange Commission v. Harold L. Altvater, Civil Action No. 17-cv-11178 (D. Mass. filed June 27, 2017)
Securities and Exchange Commission v. Maureen E. Curran, Civil Action No. 7-cv-11179 (D. Mass. filed June 27, 2017)
Securities and Exchange Commission v. Susan L. Dubuc, Civil Action No. 17-cv-11180 (D. Mass. filed June 27, 2017)
SEC Charges Three with Insider Trading in Stock of Ariad Pharmaceuticals, Inc.
The Securities and Exchange Commission today announced insider trading charges against two former senior employees and the spouse of a former employee of Ariad Pharmaceuticals, Inc., a company based in Cambridge, Massachusetts engaged in the business of developing and marketing drugs to treat cancer.
According to the SEC's complaints, filed in federal court in Boston, Massachusetts, the defendants traded in Ariad's stock in advance of announcements about U.S. Food and Drug Administration (FDA) decisions that impacted the sales and marketing of the company's main product. Additionally, the SEC's complaints allege that:
The SEC's complaints each charge Altvater, Curran, and Dubuc with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties in its complaint against Altvater. Without admitting or denying the SEC's allegations, Curran and Dubuc have consented to the entry of final judgments that would permanently enjoin them from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgment against Curran will require her to pay disgorgement of $9,420, prejudgment interest of $1,408.58, and a civil penalty of $9,420. The judgment against Dubuc will require her to pay disgorgement of $2,888.10, prejudgment interest of $310.48, and a civil penalty of $2,888.10. The settlements with Curran and Dubuc are subject to court approval.
The SEC's action is being handled by Michael Vito, Deena Bernstein, and Celia Moore in the Boston Regional Office.