Illegal Insider Trading: Ipsen Employee to Plead Guilty to Making $262,000 in Profit from Epizyme Acquisition
By Nate Raymond
BOSTON (Multibagger) - An Ipsen employee, Dishant Gupta, has agreed to plead guilty to illegally making over $262,000 by trading on inside information about his company's plans to acquire Epizyme in 2022.
Gupta, Ipsen's director of data strategy and operations, is settling related claims by the U.S. Securities and Exchange Commission, according to court filings in Boston.
A plea hearing is scheduled for Oct. 8. Gupta's lawyer, Jeffrey Lichtman, confirmed that his client is working to resolve the case.
Prosecutors stated that Gupta learned about the potential acquisition of Epizyme during a meeting in March 2022 and began buying Epizyme shares in his wife's brokerage account shortly after. He conducted internet searches related to the deal, indicating his awareness of the acquisition.
Ipsen announced its acquisition of Epizyme for $247 million in June 2022, leading Gupta to sell his shares and make a profit of over $262,000.
Analysis:
This article highlights the illegal activities of an Ipsen employee who profited from insider trading. Dishant Gupta's actions not only violated securities laws but also undermined the integrity of the financial markets. Insider trading is a serious offense that can lead to legal consequences and financial losses for individuals involved. It is important for individuals to adhere to ethical and legal standards when trading in the financial markets to protect their finances and reputation.