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Former pharma employee admits role in insider trading scheme

NEWARK, N.J. (AP) — A former communications director at a pharmaceutical company has pleaded guilty in what authorities say was an insider trading scheme. Lauren Wood pleaded guilty Wednesday in Newark to one count of securities fraud. Wood and former executive Usama Malik were charged in December. A Securities and Exchange Commission complaint identifies Malik as the former CFO of Immunomedics, based in Morris Plains, New Jersey. Immunomedics was sold in 2020. Charges against Malik are pending. Federal authorities say Malik shared nonpublic information with Wood about the drug's effectiveness in pre-market clinical trials, and Wood used it to make more than $200,000 in profits from stock sales.

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