The Securities and Exchange Commission (SEC) announces settled charges against Anders J. Lindgren for insider trading ahead of AstraZeneca PLC’s January 2023 tender announcement to acquire CinCor Pharma, Inc.
According to the SEC’s order, Lindgren purchased CinCor securities based on material non-public information about the upcoming auction that he learned through his work as Associate Director of Deal Finance and M&A at AstraZeneca. The order finds that Lindgren began buying CinCor securities just two days after learning from a colleague that the parties would sign the buyout documents in the fourth quarter of 2022.
According to the order, CinCor’s stock price increased approximately 135% after the auction was announced, and Lindgren’s insider trading resulted in a profit of $682,123.
The SEC order finds that Lindgren violated the anti-fraud provisions of Sections 10(b) and 14(e) of the Securities and Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder.
Without admitting or denying the SEC’s findings, Lindgren agreed to a cease and desist order and a five-year ban from acting as an officer or director of a publicly traded company, and agreed to pay restitution of $682,123, prepayment interest of $36,994. and a civil penalty of $682,123.