Ramaswamy's Axovant Alzheimer drug fails, stock crashes 75% after pump-and-dump

| Importance: 8/10 | Status: confirmed

Vivek Ramaswamy’s Axovant Sciences announced its Alzheimer’s drug intepirdine failed clinical trials, causing the stock to crash 75% in one day from $200 to eventually 40 cents. Ramaswamy had sold $40 million of his personal stake at the peak while hyping the drug in media. The drug had already failed four GlaxoSmithKline trials before Axovant bought it for $5 million, fleecing thousands of retail investors in what critics called a pump-and-dump scheme.

Key Actors

Vivek Ramaswamy Axovant Sciences Roivant Sciences GlaxoSmithKline

Tags

vivek-ramaswamy financial-fraud pump-and-dump axovant roivant pharmaceutical investor-fraud

Sources (3)

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