The U.S. Securities and Exchange Commission (SEC) agreed to dismiss its civil suit against Ramkumar V. Rayapureddy, the former Chief Information Officer of Mylan, over allegations of insider trading. This follows the government’s earlier dismissal of parallel criminal charges against Rayapureddy before trial. According to his lead counsel, Adam Lurie, a partner at Linklaters, “We are delighted that Ram has been fully vindicated of these meritless allegations. He has shown remarkable courage and resilience throughout this long injustice and is looking forward to moving on with his life and his career.”
In a stipulated dismissal on Tuesday, the SEC agreed to dismiss the civil action against Rayapureddy with prejudice, with each party bearing its own fees and costs. For further details, read the coverage of this development here.