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OBI Pharma Insider Trading Case: Chairman & 4 Other Top Executives Acquitted

icon2019/06/24
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 OBI Pharma Insider Trading Case: Chairman & 4 Other Top Executives Acquitted

 

Source: UDN

June 22, 2019

The Shilin District Prosecutors’ Office indicted five of OBI Pharma’s top executives, i.e., Michael Chang (張念慈), chairman of OBI Pharma, Hsu Yo-gung (許友恭), vice chairman, Amy Huang (黃秀美), general manager, Liao Tsung-chih (廖宗智), director of the medical division, and Yu Cheng-te (游丞德), head of R&D, on charges of insider trading on the grounds that after an “experts meeting” on August 28, 2015, they had had prior knowledge of the failure of the unblinded clinical trials for OBI Pharma’s new breast cancer vaccine OBI-822, so they had thus sold their own OBI shares which had hit a record high of NT$755 (approx. US$25) per share, from September 2015 to January 2016, making a profit totaling over NT$10 million (approx. US$330,000) in illicit gains by dumping their shares before OBI Pharma made public the news concerning the failure of the clinical trials on February 21, 2016.

On June 21, the Shilin District Court acquitted the five on the grounds that the timings of the results of the unblinded clinical trials and of their release were unclear. The case may still be appealed under ROC law.

The prosecutors stated that after receiving the court ruling, they would study and discuss whether or not to file an appeal.

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