Business & Tech
Investment Firm Charged With Driving Down Price Of Pharma Co.
This Marlborough firm and hedge fund advisor is being charged with giving false info the gained him a $1.3 million profit.
MARLBOROUGH, MA—An investment firm in Marlborough is being charged with profiting in excess of $1.3 million from driving down the price of a California pharmaceutical company, according to reports.
Gregory Lemelson, a hedge fund advisor, and his firm Lemelson Capital Management are being charged by the U.S. Securities and Exchange Commission after a civil complaint was filed on Lemlson, alleging he falsified information about Ligand Pharmaceuticals, reports the Worcester Business Journal.
The complaint alleges that Lemelson was employed shortly by the company in 2014 on behalf of a hedge fund he advised.
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