Pharmacy exec pleads guilty to insider trading

A former executive at pharmaceutical company Mylan has pleaded guilty to insider trading in the company’s securities, the Justice Department said Friday.

The department said Dayakar Mallu, 51, of Orlando, Florida, worked with another executive at Mylan to make trades between 2017 and 2019 based on nonpublic information about Mylan.

At the time, Mallu was Mylan’s vice president of global operations information technology. The Justice Department listed the other Mylan executive as an unnamed co-conspirator.

Mallu realized net profits and losses avoided of more than $4.2 million, the department said.

He is scheduled to be sentenced in January and faces a maximum 25 years for the insider trading and three years for the tax offense. He also consented to charges from the Securities and Exchange Commission that, if approved by a judge, would bar him from acting as the officer or director of a public company.