The Securities and Exchange Commission announced charges on September 30, 2026 against Mukesh Asudani, a former senior vice president of human resources at a publicly traded pharmaceutical company, for alleged insider trading ahead of the October 11, 2021 announcement that Supernus Pharmaceuticals agreed to acquire Adamas Pharmaceuticals. Asudani lives in India. The SEC’s release refers to his former employer as “Pharma Company A.”
The complaint says Asudani joined internal meetings remotely and learned that his employer was bidding for Adamas. On October 4, 2021, the day the board met and the company submitted its best and final offer, he allegedly sold his entire position in his employer’s stock and used the proceeds and nearly all the cash in his brokerage account to buy Adamas shares. He also allegedly had two other brokerage accounts, one his son’s and one a family friend’s, buy Adamas shares that day.
After the announcement Adamas stock rose about 75%, and the SEC says the three accounts together made about $78,751 in illicit profits. The complaint, filed in the Southern District of New York, charges violations of Sections 10(b) and 14(e) of the Exchange Act. The SEC seeks an injunction, disgorgement with interest, a civil penalty and an officer-and-director bar.