A federal grand jury in the District of Maryland returned an indictment that was unsealed today charging two men for their roles in schemes to defraud investors in CytoDyn (CYDN), the Department of Justice announced in a statement. According to court documents, Nader Pourhassan and Kazem Kazempour allegedly engaged in a conspiracy to defraud investors through false and misleading representations and material omissions relating to CytoDyn’s development of leronlimab, a monoclonal antibody investigational drug also known as PRO 140, as a potential treatment for human immunodeficiency virus. Pourhassan and Kazempour allegedly deceived investors about the timeline and status of CytoDyn’s regulatory submissions to the Food and Drug Administration to artificially inflate and maintain the price of CytoDyn’s stock and attract new investors, the DOJ says. Pourhassan was CytoDyn’s CEO at the time of the alleged fraud. Kazempour is the co-founder, president, and CEO of Amarex Clinical Research. Reference Link
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