Day: September 18, 2021

Former Mylan executive pleads guilty to insider trading

Sept 17 (Reuters) – A former information technology executive at Mylan pleaded guilty on Friday to insider trading for using tips from the drugmaker’s chief information officer to trade in its stock, generating $4.27 million of illegal profit, authorities said.

Dayakar Mallu, 51, admitted to conspiring to commit securities fraud, and to an unrelated charge of helping prepare a false tax return, before U.S. District Judge W. Scott Hardy in Pittsburgh.

Mylan is now known as Viatris Inc (VTRS.O) after merging last November with Pfizer Inc’s (PFE.N) Upjohn off-patent drug business, which Pfizer spun off. The combined company’s headquarters remain in Canonsburg, Pennsylvania, a Pittsburgh suburb.

Authorities said that between October 2017 and July 2019, Mallu traded Mylan stock based on material nonpublic information about the company’s results, U.S. Food and Drug Administration drug approvals, and the Upjohn merger.

Mallu, now a resident of Orlando, Florida, was previously vice president

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