A top executive of Viatris, which was formerly Mylan, is said to have engaged in an insider trading scam and given a tip to another indian acquaintance and ex-Viatris employee in a case of egregious breach of confidentially. ramkumar Rayapureddy, the global chief information officer at Viatris, as a result shared unlawful stock recommendations, which allowed his acquaintance to profit by trading on them by millions of dollars.
Authorities claim that reddy divulged confidential information regarding a regulatory drug approval, the financial performance of his firm, and a proposed merger with a Pfizer division. According to an indictment, reddy allegedly used Dayakar Mallu as a conduit for information when he worked at Mylan NV, which just so happens to be a precursor business of Viatris.
In order to avoid being caught, Mallu paid reddy in indian rupees and from within India. reddy entered a not guilty plea in federal court in Pittsburg and provided a $500k unsecured bond. Mallu admitted admission to conspiracy and preparing fraudulent tax returns last year. reddy is allegedly on leave of absence, notwithstanding Viatris' substantial cooperation with the authorities' inquiries. watch out this space for more updates.
Authorities claim that reddy divulged confidential information regarding a regulatory drug approval, the financial performance of his firm, and a proposed merger with a Pfizer division. According to an indictment, reddy allegedly used Dayakar Mallu as a conduit for information when he worked at Mylan NV, which just so happens to be a precursor business of Viatris.
In order to avoid being caught, Mallu paid reddy in indian rupees and from within India. reddy entered a not guilty plea in federal court in Pittsburg and provided a $500k unsecured bond. Mallu admitted admission to conspiracy and preparing fraudulent tax returns last year. reddy is allegedly on leave of absence, notwithstanding Viatris' substantial cooperation with the authorities' inquiries. watch out this space for more updates.
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