SEC Charges Mukesh Asudani With Insider Trading Before Supernus Adamas Deal
SEC charges former pharma executive Mukesh Asudani with insider trading before Supernus's 2021 Adamas deal, alleging three accounts made $78,751 in illicit profits.
Summary
The SEC charged Mukesh Asudani on September 30, 2026, alleging insider trading before Supernus Pharmaceuticals, Inc. announced its Adamas Pharmaceuticals, Inc. acquisition agreement on October 11, 2021. Asudani, an India resident and former human resources senior vice president at publicly traded “Pharma Company A,” allegedly learned of its Adamas bid through remote internal meetings. On October 4, 2021, when the board discussed the transaction and the company submitted its best and final offer, he allegedly sold his entire company stock position, combined the proceeds with nearly all available brokerage cash, and bought Adamas shares. He also allegedly caused accounts belonging to his son and a family friend to buy Adamas that day. Adamas rose approximately 75% after the announcement, generating about $78,751 in collective alleged illicit profits.
The complaint, SEC v. Mukesh Asudani, No. 1:26-cv-_, was filed in the Southern District of New York and alleges violations of Exchange Act Sections 10(b) and 14(e), plus Rules 10b-5 and 14e-3. The SEC seeks permanent injunctive relief, disgorgement with prejudgment interest, a civil penalty, and an officer-and-director bar. Joshua R. Geller, Assunta Vivolo, and Chevon Walker investigated under Joseph G. Sansone’s supervision. Geller and Walker will litigate under Alexander M. Vasilescu’s supervision, with FINRA credited for assistance.
Positives
- Adamas shares rose approximately 75% after the October 11, 2021 acquisition announcement.
- The SEC seeks disgorgement, prejudgment interest, a civil penalty, permanent injunctive relief, and an officer-and-director bar.
- FINRA assisted the SEC investigation, adding cross-regulatory support to the enforcement case.
Risks & concerns
- Three brokerage accounts allegedly generated approximately $78,751 in illicit profits from Adamas purchases.
- Asudani allegedly traded on October 4, 2021, when the board discussed the acquisition and submitted its best and final offer.
- Asudani allegedly liquidated his entire Pharma Company A position and used nearly all available brokerage cash to buy Adamas.
- The complaint alleges violations of Exchange Act Sections 10(b) and 14(e), plus Rules 10b-5 and 14e-3.
- Accounts belonging to Asudani’s son and a family friend allegedly purchased Adamas shares on the same day.
