8legs: U.s. securities and exchange commission complaint

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SEC Enforcement Action Targets Insider Trading in the Pharmaceutical Industry

The SEC filed a complaint on December 22, 2025, alleging market manipulation and insider trading involving Olema and Opiant.
The action describes a pump-and-dump scheme using fake sources to inflate Olema’s stock price.
Impersonation of physicians and fake domains were used to obtain MNPI about Olema’s trial results.
Defendants allegedly published falsified study results to pump Olema’s stock before a trading halt.
Separately, insiders allegedly misused MNPI about acquisitions to profit from trading.
Opiant trades were boosted by alleged MNPI and a falsified acquisition rumor.
SEC notes heightened vigilance is needed as these companies pursue regulatory approval.
The action cites the risk to directors, institutional investors, and MNPI safeguards.
Directors should ensure internal safeguards to reduce improper trading risk.

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