The Bank of Russia has established the facts of insider trading in shares of Pharmsintez. This is stated in the message of the regulator.
The Central Bank believes that Maxim Sirosh improperly used insider information when making transactions with shares of companies at auctions from June 2, 2021 to June 7, 2021.
M. Sirosh had information about the upcoming decision by the board of directors to approve a major transaction of a subsidiary of Pharmsintez. This information was insider information in accordance with the legislation in force during this period.
Possessing insider information, M. Sirosh opened a brokerage account and concluded transactions for the purchase of shares within a few days before the disclosure of insider information, which had a significant impact on the price of securities at auction.
In addition, the Central Bank found that the list of Pharmaceutical Synthesis insider information did not comply with current legislation. The company did not have internal control rules mandatory for issuers in the field of countering insider trading and there was no official responsible for their implementation.
Pharmsintez was founded in 1996 and is the first Russian biopharmaceutical company that entered the public stock market in 2010.
