New York Republican Rep. Chris Collins, who was indicted last year on insider trading charges, is no longer one of the biggest shareholders in Australian biotechnology firm Innate Therapeutics, now Amplia Therapeutics, despite being the company's second-largest shareholder earlier this year, according to STAT News.
Here are five things to know:
1. Mr. Collins said he made between $15,000 and $50,000 on Amplia Therapeutics stock on his most recent disclosure form dated June 20 and obtained by STAT. However, according to the company's most recent disclosure form dated Aug. 9, Mr. Collins is not among the top 20 largest shareholders.
2. STAT reports that even if Mr. Collins sold $50,000 worth of shares on June 20, it would not have been enough to downgrade him from the firm's top 20 shareholders. To do that, Mr. Collins would have had to part with 3.5 million of the 3.8 million shares he held as of May.
3. Congress members are required under law to publicly disclose their stock trades within 30 days of the sale. STAT reports there is no record of Mr. Collins selling the bulk of his shares. However, lawmakers are not required to report the sale of stock that amounts to $1,000 or less, and do not need to disclose certain gifts. STAT reports it is unclear if either reason supports why Mr. Collins is no longer among Amplia's top 20 shareholders.
4. Mr. Collins was indicted in August 2017 on charges he leaked confidential information about a drug Amplia was developing. The same year, Mr. Collins reportedly shared information about the drug's failure with his son and helped him avoid $570,900 in losses — all while serving as board chairman of Amplia, according to prosecutors cited by the publication.
5. Mr. Collins, who denies the allegations, said he will serve out the remainder of his term despite the indictment. His trial is scheduled to take place in February 2020.
To access the full report, click here.