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SEC expands civil lawsuit against FDA researcher
July 2011
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WASHINGTON, D.C.A recent U.S. Securities and Exchange Commission (SEC) civil lawsuit against a U.S. Food and Drug Administration (FDA) chemist has been expanded. The lawsuit is against researcher Cheng Yi Lang, who is accused of using confidential information regarding pending drug approvals to profit from the trades of drug companies' stock. The SEC expanded the charges to include another FDA researcher, who has yet to be named in court documents or charged with wrongdoing. The U.S. Department of Justice continues to seek other individuals who may have helped Liang, profited from his trades or utilized his knowledge. The investigation includes 27 claims of illegal trading and has been expanded to include allegations that Liang illegally traded in advance of the announcement of Horizant's FDA approval. Liang is accused of making over $3.6 million total in illegal trading.

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