The SEC announced insider trading charges against Cameron Durrant and Dale B. Chappell, the CEO and Chief Scientific Officer, respectively, of New Jersey-based biopharmaceutical company Humanigen, Inc. Trades were made through three private fund vehicles under Chappell’s control. On December 23, 2024, in a parallel action, the Department of Justice’s Fraud Section and the U.S. Attorney’s Office for the District of New Jersey announced unsealed criminal charges against Chappell. The case involved the use of a Rule 10b5-1 trading plan that was invalid in that it was established during a period of time in which Chappell was in possession of material nonpublic information, highlighting the limitations in relying on a Rule 10b5-1 trading plan to shield violative insider trading.