SEC v. Matthew Panuwat, No. LR-25170, Northern District of California (Aug. 17, 2021) — Press Release
raw: Matthew Panuwat
Matthew Panuwat, No. 4:21-cv-06322 (Aug. 17, 2021)
summary
Former Medivation business‑development head Matthew Panuwat was charged by the SEC with insider trading for buying out‑of‑the‑money Incyte stock options using confidential knowledge of Pfizer’s pending acquisition of Medivation, netting about $107,066 in illicit profits.
paragraph
The SEC alleges that Matthew Panuwat, who previously led business development at Medivation, used non‑public information about Pfizer’s planned acquisition of Medivation to purchase out‑of‑the‑money options in Incyte Corporation. The trades earned him roughly $107,066 after Incyte’s share price rose about 8% when the deal was announced. The complaint cites violations of Section 10(b) of the Securities Exchange Act of 1934.
narrative
Matthew Panuwat, the former head of business development at Medivation, is accused by the SEC of insider trading. He allegedly learned confidential details of Pfizer’s intended acquisition of Medivation and promptly bought out‑of‑the‑money stock options in Incyte Corporation, a comparable biotech firm. When Pfizer announced the acquisition, Incyte’s stock jumped approximately 8%, allowing Panuwat to realize about $107,066 in illegal profits. The SEC’s complaint alleges that Panuwat’s conduct violated Section 10(b) of the Securities Exchange Act of 1934 and related Rule 10b‑5. The charges stem from his exploitation of material non‑public information for personal gain. The case underscores the SEC’s focus on preventing the misuse of insider information in merger‑related trading.
Classified insider-trading(confidence 100%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Parties
Securities and Exchange CommissionMatthew Panuwat
Keywords
panuwatmatthew panuwatmedivationbiopharmaceutical companyinsider tradingsecurities exchangecompanymatthewtradingsecuritiesannouncementexchange commissiononcology-focused biopharmaceuticalconfidential informationincyte's stock
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 1
- $107K $107,066 $100K–$1M
Entities 13
- person business development
- company former employee of medivation, inc.
- company in advance of medivation's announcement of acquisition by pfizer inc.
- scheme_term insider trading
- company insider trading ahead of medivation's acquisition by pfizer inc.
- person litigation against matthew panuwat
- person matthew panuwat
- scheme_term matthew panuwat, a former employee of medivation, inc., with insider trading
- company medivation, inc.
- company non-public information about medivation's acquisition by pfizer inc.
- company pfizer inc.
- agency Securities and Exchange Commission
- court u.s. district court for the northern district of california
Triples 72
- SEC charged Matthew Panuwat
- Matthew Panuwat engaged in insider trading
- SEC filed complaint
- SEC announced litigation against Matthew Panuwat
- SEC charged Matthew Panuwat
- Matthew Panuwat engaged in insider trading
- SEC filed complaint
- SEC announced litigation against Matthew Panuwat
- SEC charged Matthew Panuwat
- Matthew Panuwat was former employee of Medivation, Inc.
- Matthew Panuwat charged with insider trading
- Medivation, Inc. was acquired by Pfizer Inc.
- Matthew Panuwat was head of business development at Medivation
- Securities and Exchange Commission v. Matthew Panuwat filed in U.S. District Court for the Northern District of California
- Securities and Exchange Commission v. Matthew Panuwat filed on Aug. 17, 2021
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat
- Matthew Panuwat was employee of Medivation, Inc.
- Medivation, Inc. acquired by Pfizer Inc.
- Matthew Panuwat charged with insider trading
- Securities and Exchange Commission filed complaint
- Matthew Panuwat was head of business development
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded in advance of Medivation's announcement of acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat engaged in insider trading ahead of Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded on non-public information about Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Securities and Exchange Commission charged Matthew Panuwat
- Matthew Panuwat is former employee of Medivation, Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- Matthew Panuwat charged with insider trading
- Securities and Exchange Commission filed complaint
- Matthew Panuwat was head of business development
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat traded in advance of Medivation's announcement of acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
- SEC charged former employee of California-based Medivation, Inc.
- Matthew Panuwat with insider trading in advance of Medivation's announcement that it would be acquired by pharmaceutical giant Pfizer Inc.
- SEC filed the SEC's complaint
- SEC filed in the U.S. District Court for the Northern District of California
- Securities and Exchange Commission charged Matthew Panuwat, a former employee of Medivation, Inc., with insider trading
- Matthew Panuwat engaged in insider trading ahead of Medivation's acquisition by Pfizer Inc.
- Medivation, Inc. was acquired by Pfizer Inc.
PDF (from attached: pdf)
Text layers
Extracted body text (2,299c)
SEC Charges Biopharmaceutical Company Employee with Insider Trading Litigation Release No. 25170 / August 17, 2021 Securities and Exchange Commission v. Matthew Panuwat, 4:21-cv-06322 (N.D. Cal. filed Aug. 17, 2021) The Securities and Exchange Commission today charged a former employee of California-based Medivation, Inc. with insider trading in advance of Medivation's announcement that it would be acquired by pharmaceutical giant Pfizer Inc. According to the SEC's complaint, filed in the U.S. District Court for the Northern District of California, Matthew Panuwat, the then-head of business development at Medivation, a mid-sized, oncology-focused biopharmaceutical company, purchased short-term, out-of-the-money stock options in Incyte Corporation, another mid-cap oncology-focused biopharmaceutical company, just days before the August 22, 2016 announcement that Pfizer would acquire Medivation at a significant premium. Panuwat allegedly purchased the options within minutes of learning highly confidential information concerning the merger. According to the complaint, Panuwat knew that investment bankers had cited Incyte as a comparable company in discussions with Medivation and he anticipated that the acquisition of Medivation would likely lead to an increase in Incyte's stock price. The complaint alleges that Medivation's insider trading policy expressly forbade Panuwat from using confidential information he acquired at Medivation to trade in the securities of any other publicly-traded company. Following the announcement of Medivation's acquisition, Incyte's stock price increased by approximately 8%. The complaint alleges that, by trading ahead of the announcement, Panuwat generated illicit profits of $107,066. The SEC's complaint[hyperlink] charges Panuwat with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks a permanent injunction, civil penalty, and an officer and director bar. The SEC's investigation was conducted by Tracy Combs with the assistance of John Rymas of the Enforcement Division's Market Abuse Unit. The case was supervised by Steven Buchholz, Monique C. Winkler, and Joseph G. Sansone, Chief of the Market Abuse Unit. The litigation will be led by Marc Katz, David Zhou, and Ms. Combs. SEC Complaint
OCR text (2,299c · html-text · 99% conf)
SEC Charges Biopharmaceutical Company Employee with Insider Trading Litigation Release No. 25170 / August 17, 2021 Securities and Exchange Commission v. Matthew Panuwat, 4:21-cv-06322 (N.D. Cal. filed Aug. 17, 2021) The Securities and Exchange Commission today charged a former employee of California-based Medivation, Inc. with insider trading in advance of Medivation's announcement that it would be acquired by pharmaceutical giant Pfizer Inc. According to the SEC's complaint, filed in the U.S. District Court for the Northern District of California, Matthew Panuwat, the then-head of business development at Medivation, a mid-sized, oncology-focused biopharmaceutical company, purchased short-term, out-of-the-money stock options in Incyte Corporation, another mid-cap oncology-focused biopharmaceutical company, just days before the August 22, 2016 announcement that Pfizer would acquire Medivation at a significant premium. Panuwat allegedly purchased the options within minutes of learning highly confidential information concerning the merger. According to the complaint, Panuwat knew that investment bankers had cited Incyte as a comparable company in discussions with Medivation and he anticipated that the acquisition of Medivation would likely lead to an increase in Incyte's stock price. The complaint alleges that Medivation's insider trading policy expressly forbade Panuwat from using confidential information he acquired at Medivation to trade in the securities of any other publicly-traded company. Following the announcement of Medivation's acquisition, Incyte's stock price increased by approximately 8%. The complaint alleges that, by trading ahead of the announcement, Panuwat generated illicit profits of $107,066. The SEC's complaint[hyperlink] charges Panuwat with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks a permanent injunction, civil penalty, and an officer and director bar. The SEC's investigation was conducted by Tracy Combs with the assistance of John Rymas of the Enforcement Division's Market Abuse Unit. The case was supervised by Steven Buchholz, Monique C. Winkler, and Joseph G. Sansone, Chief of the Market Abuse Unit. The litigation will be led by Marc Katz, David Zhou, and Ms. Combs. SEC Complaint