Dishant Gupta
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26103 / September 10, 2024
Securities and Exchange Commission v. Dishant Gupta, No. 1:24-civ-12316 (D. Mass filed Sept. 10, 2024)
SEC Charges Biopharmaceutical Company Employee with Insider Trading
The Securities and Exchange Commission today charged New Jersey resident Dishant Gupta with insider trading ahead of an announcement that Ipsen Biopharmaceuticals, Inc., Gupta's employer, had agreed to acquire Epizyme, Inc.
According to the SEC's complaint, filed in the U.S. District Court for the District of Massachusetts, Gupta allegedly became aware of Ipsen's interest in acquiring Epizyme or its premier drug months before the transaction was publicly announced. Gupta allegedly purchased Epizyme shares while aware of that material non-public information and, after the announcement was made, sold the shares realizing approximately $260,000 in illegal profits.
The SEC's complaint charges Gupta with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks permanent injunctive relief, disgorgement plus prejudgment interest, civil penalties, and an officer and director bar. Gupta has consented to the entry of a judgment that enjoins him from violating the charged provisions and prohibits him from serving as an officer or director of a public company. Monetary relief is to be determined by the court at a later date. The settlement is subject to court approval.
In a parallel action concerning the same conduct, the U.S. Attorney's Office for the District of Massachusetts today filed criminal charges against Gupta.
The SEC's investigation was conducted by Nicholas Karasimas, Melissa Coppola, and Sandeep Satwalekar, and supervised by Thomas P. Smith, Jr., all of the New York Regional Office. The litigation will be led by Mr. Karasimas and Mr. Satwalekar. The SEC appreciates the assistance of the United States Attorney's Office for the District of Massachusetts, the FBI, and the Financial Industry Regulatory Authority.