In a case of gross violence of confidentiality, a senior executive of Viatris, which was once Mylan, is said to have indulged in an insider trading scheme and tipped another Indian friend and ex-employee of Viatris. This resulted in Ramkumar Rayapureddy, the global chief information officer at Viatris sharing illegal stock tips that resulted in his friend netting millions of dollars by trading on it.
Reddy shared undisclosed information about a regulatory drug approval, his employer’s financial results, and a planned merger with a division of Pfizer, according to the authorities. Reddy apparently channeled information when he worked with Mylan NV, which happens to be a predecessor company to Viatris, to Dayakar Mallu, according to an indictment.
Incidentally, Mallu paid Reddy money in Indian rupees and in India, to avoid detection. Reddy pleaded not guilty at Pittsburg federal court and posted an unsecured bond of $500,000. Last year, Mallu pleaded guilty to conspiracy and preparation of false tax returns.
The reports say Reddy was on a leave of absence, though Viatris is cooperating with the authorities investigations seriously.