SEC Charges Three With Insider Trading In Cancer Drug Company

The Securities and Exchange Commission brought insider trading charges on Tuesday against two former senior employees and the spouse of a former employee of Ariad Pharmaceuticals, Inc.[s:Aria] for allegedly trading in advance of announcements about U.S. Food and Drug Administration decisions that impacted the sales and marketing of the company's main cancer drug. According to the SEC's complaint, Harold Altvater, whose wife was an Ariad employee, allegedly made multiple illegal trades in Ariad stock on the basis of non-public information he learned from her. Maureen Curran, a former Ariad executive, sold Ariad stock in December 2012, after she had attended meetings with the FDA and had learned material nonpublic information regarding a forthcoming FDA decision. Susan Dubuc, another former executive, allegedly tipped relatives in October 2013, one day before Ariad publicly announced a pause in all clinical trials for its FDA-approved drug. Without admitting or denying the SEC's allegations, Curran and Dubuc have settled with the SEC subject to court approval. Curran agreed to pay $20,248 in disgorgement, penalties and interest. Dubuc agreed to pay $6087. The charges against Altvater are still pending.