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The U.S. Securities and Exchange Commission has filed a lawsuit in Massachusetts District Court against the former vice president of corporate communications at Indevus Pharmaceuticals Inc.
The suit alleges that Brooke D. Wagner, 44, engaged in insider trading when he sold shares of the Lexington-based biotechnology company on May 30, 2008, and June 2, 2008. The suit claims that Wagner sold the stock after learning that the U.S. Food and Drug Administration planned to delay approval for a drug candidate developed by the company. The suit says that Wagner avoided losses of $43,000 by selling the stock before the news was released publicly.
The SEC is seeking a return of Wagner’s “ill gotten gains” plus interest and is also asking for a civil penalty to be levied against Wagner.
In January of 2009, Chadds Ford, Pa.-based Endo Pharmaceuticals Holdings Inc. announced it would acquire Indevus for approximately $370 million in cash, plus milestone payments of up to an additional approximately $267 million.
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