Within 48 hours of Moderna's vaccine announcement, its execs sold $29 million in shares.
The stock market is euphoric over news of a possible coronavirus vaccine. But for now, you shouldn’t be.Was the timing coincidental? Moderna didn’t reply to my question about that. But it’s something the Securities and Exchange Commission should be examining, because if it wasn’t a coincidence, then that would imply that the company manipulated the stock market for its executives’ benefit.
“The optics of this aren’t great,” says Charles Elson, a corporate governance expert at the University of Delaware.Elson is wary of any stock sales by executives during their tenures. “Traditionally, when you leave a company,you sell,” he told me. “If you sell while you’re there, that doesn’t show a lot of confidence in what you’re doing.
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