Brief

The Securities and Exchange Commission filed charges against three former biopharmaceutical company executives for scheming to conceal a harsh critique by the FDA about their cancer drug candidate, dovitinib. The SEC alleges that they misled investors with false claims about dovitinib's likelihood of approval while raising money to stay afloat. The SEC charges Carchedi, Foegh, and Cullem with violating securities laws, seeking permanent injunctions, disgorgement, civil penalties, and officer/director bars against the defendants. The investigation is being handled by the Boston Regional Office.

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US Securities and Exchange Commission

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