An oncology professor at the University of California, Irvine yesterday agreed to hand over $1.52 million in profits he made by buying stock in Nuvalent before it announced positive news about a lung-cancer drug for which he was running clinical trials and then selling it after the news led to a jump in the stock's price.
Dr. Sai-Hong Ignatius Ou also agreed to pay a $1.52 million fine on top of that, according to documents filed by the Securities and Exchange Commission in US District Court in Boston yesterday. Read more.