SAN DIEGO (FOX 5/KUSI) — The former vice president of Acadia Pharmaceuticals Inc.[headquartered in Sorrento Valley] pleaded guilty Friday to insider trading.George Demos, 64, of San Diego, knew about negative news that involved the labeling process for a prescription drug with the Food and Drug Administration. Demos admitted to avoiding a $1.3 million loss by illegally selling 60,000 company shares two hours before the news was made public.His Acadia stock sold at $46.61 per share before the press release was issued to the public while the stock price dropped 45% to $25.02 per share after the announcement. Kens
NEU Price at posting:
$12.13 Sentiment: Hold Disclosure: Held
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