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ARTICLE · 27 AUGUST 2019

SEC Brings Regulation FD Action

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On August 20, 2019, the SEC charged a pharmaceutical company with violations of Regulation FD based on its sharing of material

United StatesCorporate/Commercial Law
Alex J. Speyer
Alex J. Speyer
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On August 20, 2019, the SEC charged a pharmaceutical company with violations of Regulation FD based on its sharing of material, nonpublic information with sell-side research analysts on two separate occasions without also disclosing the same information to the public.

The SEC found that on two separate occasions in June 2017, the company selectively disclosed material information to analysts regarding its correspondence with the U.S. Food and Drug Administration (FDA) about the pending approval of a drug the company was developing. According to the SEC, one day after a publicly-announced meeting with the FDA regarding the new drug, the company sent private messages to sell-side analysts describing the meeting as "very positive and productive." The company's stock price closed up to 19.4% on heavy trading volume the next day prompting an inquiry from the New York Stock Exchange (NYSE) about whether any material information might be causing the sudden rise in a

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