STAT Plus: Without showing any data, CytoDyn touts treatment for Covid-19 as winner — while its CEO sells stock
While Nader Pourhassan, the chief executive of drug maker CytoDyn, filed his intention to sell nearly $17 million of his company’s shares last Thursday, he was simultaneously pitching the same CytoDyn stock to outside investors, claiming its lead drug is saving the lives of patients with Covid-19.
Pourhassan’s plan to sell more than 4.8 million shares, disclosed in an SEC filing on Friday, amounts to more than half of his ownership stake in CytoDyn. The timing of the sale is troubling and should concern, even anger, any investor who’s bought CytoDyn stock based on Pourhassan’s coronavirus marketing pitch.
