The former worker, Amit Dagar, and his friend and business partner, Atul Bhiwapurkar, are charged with violating antifraud laws. According to a lawsuit brought by the U.S. Securities and Exchange Commission, Mr. Dagar was a senior statistical program lead for the Paxlovid drug trial and, after finding out the trial met its endpoints, he and Mr. Bhiwapurkar purchased “short term, out-of-the-money Pfizer call options, including options that expired the very next day.”
With the investments, Mr. Dagar earned $214,395 and Mr. Bhiwapurkar made $60,300, the lawsuit alleges.
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