CytoDyn’s former CEO indicted for securities fraud. His misleading statements hurt patients even more than investors
Beginning in 2018 and through 2021, CytoDyn and its former CEO Nadir Pourhassan told investors repeatedly that a clinical trial had successfully demonstrated the effectiveness of an experimental treatment for HIV, and that a completed marketing application had been submitted to the U.S. Food and Drug Administration
None of the statements made by Pourhassan were true, federal prosecutors in Maryland said Tuesday in an unsealed indictment that charged Pourhassan with allegedly scheming to defraud CytoDyn investors and personally profiting by selling shares of the company’s stock.
