SEC charges Florida man for insider trading of Mylan stock

NEW YORK (AP) — A former executive at pharmaceutical company Mylan has pleaded guilty to insider trading in the company’s securities. The Justice Department said Friday that Dayakar Mallu of Orlando, Florida, worked with another executive at Mylan to make trades between 2017 and 2019 based on nonpublic information about Mylan. The information ranged from corporate earnings, to new drug approvals, to Mylan’s eventual merger with a division of Pfizer. At the time, Mallu was Mylan’s vice president of global operations information technology. The Justice Department listed the other Mylan executive as an unnamed co-conspirator. It said Mallu realized net profits and losses avoided of more than $4.2 million. The department says he faces a maximum 25 years for the insider trading.