A former Mylan information technology executive pleaded guilty to an insider trading scheme in which he acted on tips from another executive ahead of public announcements about earnings, drug approvals, and a pending merger with a Pfizer (PFE) division.
In court documents, the U.S. Securities and Exchange Commission alleged that Dayakar Mallu, 51, was tipped by an unnamed senior manager at Mylan and acted on the information four separate times between September 2017 and July 2019. In exchange for the inside information, the former Mylan executive shared a portion of the profits with the manager through cash transactions in India.
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