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Monday, April 29, 2024

As lab execs sell shares worth millions, questions arise

This combination of file pictures shows signs for the Pfizer and Moderna pharmaceutical companies, both in Cambridge, Massachusetts; executives at both, as well as at Novavax, have raised questions by selling shares worth millions amid the pandemic.

NEW YORK: Pfizer, Moderna, Novavax: executives at several American laboratories developing Covid-19 vaccines have recently pocketed millions of dollars by selling shares in their companies — raising questions about the propriety of such a move in the midst of a national health crisis.

On the very day that pharmaceutical giant Pfizer announced preliminary data showing its vaccine was 90% effective against the coronavirus, its chief executive Albert Bourla sold shares worth $5.6 million.

There was nothing illegal about this, Pfizer said: the sale took place…

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