SEC v. Mukesh Asudani — U.S. Securities and Exchange Commission Litigation Release No. 26662, dated September 30, 2026.
Named in the SEC’s action
The SEC charged Mukesh Asudani, a former pharmaceutical executive, with insider trading. Asudani allegedly used material nonpublic information about a planned acquisition to buy shares of the target company through his own and two other accounts, profiting approximately $78,751.
In Plain English
Imagine your company is secretly planning to buy another company. You learn this important secret at work. Before the news is public, you quickly buy a lot of stock in the company being bought. You also have your son and a friend buy stock. When the news comes out, the stock price jumps, and you all make money. This is illegal because you used secret information to profit.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
How the Alleged Scheme Worked
- Learned Secret Information Mukesh Asudani, a Senior Vice President at Pharma Company A, attended internal meetings where he learned about his company's confidential plan to acquire Adamas Pharmaceuticals, Inc. This information was not public.
- Liquidated Employer Stock On October 1, 2021, Asudani sold all of his stock in Pharma Company A. This action was taken shortly before he made trades based on the non-public acquisition information.
- Purchased Target Stock On October 4, 2021, the same day Pharma Company A's board discussed the acquisition and submitted a final offer, Asudani used the money from selling his Pharma Company A stock, plus almost all the cash in his account, to buy shares of Adamas Pharmaceuticals.
- Involved Others On October 4 and 6, 2021, Asudani also directed or executed trades for Adamas Pharmaceuticals stock in two other brokerage accounts: one belonging to his son and another to a family friend.
- Acquisition Announced On October 11, 2021, Supernus Pharmaceuticals, Inc. publicly announced its agreement to acquire Adamas Pharmaceuticals, Inc.
- Stock Price Increased Following the announcement, Adamas Pharmaceuticals' stock price surged by approximately 75%, rising from $4.61 to $8.07 per share.
- Illicit Profits Realized As a result of these trades, Asudani and the two other individuals collectively made approximately $78,751 in illegal profits.
The Enforcement Action
SEC charges Mukesh Asudani with insider trading ahead of an acquisition announcement. Asudani allegedly used material nonpublic information about Pharma Company A's bid to acquire Adamas Pharmaceuticals to purchase Adamas shares through his own accounts and those of his son and a family friend, realizing approximately $78,751 in illicit profits. The SEC seeks permanent injunctive relief, disgorgement with prejudgment interest, a civil penalty, and an officer-and-director bar.