News and Deals
News and Deals
Linklaters’ U.S. Litigation, Arbitration, and Investigations practice has successfully defended Ramkumar Rayapureddy against insider trading charges brought by the Department of Justice (“DOJ”) in the Western District of Pennsylvania. In a nearly unprecedented event, the DOJ dismissed all charges with prejudice just two weeks before trial as a result of Linklaters’ defense.
In November 2022, the DOJ charged Mr. Rayapureddy with one count of conspiracy to commit securities fraud and three counts of securities fraud for his alleged role in an insider trading scheme involving the securities of Mylan, one of the predecessor entities that combined to form Viatris Inc. ("Viatris”). The indictment alleged that Mr. Rayapureddy conspired with his former colleague, Dayakar Mallu, by providing Mr. Mallu with the relevant material, non-public information necessary to conduct the illegal trades.
The Linklaters team pursued an aggressive defense strategy, marshalling powerful evidence proving Mr. Rayapureddy’s innocence. At trial, Linklaters was prepared to prove, among other things, that purported evidence against Mr. Rayapureddy had been fabricated, that Mr. Rayapureddy did not provide any inside information to Mr. Mallu, and that the Government had improperly disregarded these facts. With trial fast approaching, and knowing the jury would soon see the defense, the Government had little choice but to dismiss the case.
Linklaters Partner Adam Lurie, who led the defense team alongside Partners Doug Davison and Richard Smith, said:
“Ram and his family are very pleased that these baseless charges against him have finally been dismissed. He is incredibly grateful for the steadfast support from Viatris, his family, and friends. This case never should have been brought. Ram and his family hope that no one should have to go through something like this. He is looking forward to moving on with his life and is considering his legal rights.”
The Linklaters team representing Mr. Rayapureddy in United States of America v. Ramkumar Rayapureddy also included Associates Rebecca Zeldin, Salma Shitia, Nicolle Sayers, Elizabeth Raulston, Max Blinder-Acenal, and Kailyn LaPorte. In addition, John A. Schwab, Attorney at Law, LLC, who is based in Pittsburgh, served as Linklaters’ co-counsel and was exceptional throughout the case.
Linklaters U.S. Litigation, Arbitration & Investigations team includes an elite group of hand-picked trial lawyers, former DOJ and SEC officials, and strategists that is fully integrated with the firm’s nearly 400 market-leading litigation lawyers worldwide. Learn more about our Business Crime offering.