Cameron Collins is accused of passing on that information to his fiancee's father, Stephen Zarsky, and others, who also benefited financially from the insider knowledge.
According to the indictment, Collins, a member of Innate's board of directors and one of its largest shareholders, had access to non-public information about its primary business - the development of a drug meant to treat a form of multiple sclerosis.
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According to the indictment, the defendants tried to get early word on the results of trial of a drug the company developed to treat multiple sclerosis.
China, Trade, and Technology
Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details". One of Mr Trump's top economic advisors said the USA leader has no intention of backing down. "Likewise other countries.
Successful completion of the trial was necessary for commercialization of the production in the US, which was meant to treat secondary progressive multiple sclerosis, a stage of the disease that indicates the patient's condition is worsening despite treatment.
Price said he never received information that could be considered a stock tip and denied any wrongdoing.
Rep. Collins was a director of the company and also a major investor. Collins, 68, was charged with conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, wire fraud and making false statements, according to the indictment. According to the indictment, "All of the trades preceded the public release of the negative drug trial results and were timed to avoid losses that they would have suffered once the news became public".
Collins found out about the failed drug trial before it became public - getting an email about the results while attending the congressional picnic at the White House previous year, the indictment alleges. "We are confident he will be completely vindicated and exonerated", Baker Hostetler attorneys Johnathan Barr and Jonathan New said in the statement. During the tax reform debate, when his fellow New York GOP members of Congress were up in arms about a provision that would likely raise taxes on many New Yorkers, Collins voiced support for the plan.