Sernova Chair Resigns After Insider Trading Indictment Tied to Novartis-Chinook Deal

Ross Haghighat, recently named chair of Sernova Biotherapeutics, has resigned following a federal indictment on securities fraud and insider trading charges45.

He faces one count of securities fraud, 16 counts of insider trading, and two counts of conspiracy, in connection with allegations he traded on confidential information regarding the $3.5 billion Novartis acquisition of Chinook Therapeutics15.

The indictment accuses Haghighat and associates of engaging in illegal trades between May and June 2023 ahead of the acquisition announcement15.

If convicted, Haghighat faces up to 25 years in prison for securities fraud and up to 20 years for each insider trading charge1.

Sernova confirmed the leadership change on May 26, 2025, emphasizing its commitment to strong corporate governance as the legal proceedings unfold4.

Sources:

1. https://www.boston25news.com/news/local/two-massachusetts-men-among-5-people-indicted-insider-trading-scheme-doj-says/5ZKB4TB7DNDRXJ2PYFON5LK3PQ/

4. https://www.pettisvillegrain.com/markets/stocks.php?article=globenews-2025-5-26-chair-of-sernova-biotherapeutics-resigns

5. https://www.law360.com/articles/2344554/biotech-insider-traded-on-3-5b-novartis-deal-feds-say