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The public is beginning to suspect that the government's rush to bring a Covid-19 vaccine to market is a money grab by big Pharma.
Just a day after announcing Pfizer's Covid-19 vaccine is more than 90% effective in preventing the coronavirus, company CEO Albert Bourla sold 62% of his stock.
The company's claim of 90% efficacy for its vaccine was not independently verified.
The large stock sale sparked allegations of a "pump and dump" insider trading scheme to earn maximum profit by releasing favorable information about a stock before dumping the stock on the open market.
The SEC Form 4 filing obtained by Axios.com shows Bourla sold 132,508 shares at an average price of $41.94 per share, equivalent to $5.6 million.
A Pfizer spokesperson told Axios that the CEO's stock trade was planned in August and the trade was executed on Tuesday.
Other pharmaceutical companies developing vaccines such as Moderna, also made similar stock sales after announcing favorable news about their vaccines.
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NC Senator Richard Burr has agreed to step down as chairman of the Senate Intelligence Committee after he allegedly sold stocks to avoid huge financial losses amid the coronavirus outbreak.
Burr faces allegations of insider trading, which is punishable by prison time and stiff fines.
Burr, a member of the Republican Party, is the first to step down after a handful of GOP and Democrat lawmakers were accused of selling stocks during the early stages of the coronavirus pandemic in March.
The list of senators under investigation include Georgia Senator Kelly Loeffler (GOP), Calif. Sen. Dianne Feinstein (Democrat), and Oklahoma Senator Jim Inhofe (GOP).
The news comes after Burr was served with a warrant to search his cellphone on Wednesday after previously being served with a warrant to access his iCloud account.
Burr and his wife are accused of selling $1.7 million worth of stocks to avoid huge losses before the country was ordered to shut down.
Burr's brother was also accused of selling stocks on the same day.
NFL linebacker Mychal Kendricks was cut by the Cleveland Browns a day after he and a childhood friend were charged with illegally earning about $1.2 million in profits from insider trading.
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