SEC v. Hari Prasad Sure

Hari Prasad Sure, Lokesh Lagudu, and Chotu Prabhu Tej Pulagam, software engineers at Twilio Inc., allegedly engaged in insider trading in advance of Twilio’s positive first quarter 2020 earnings announcement. According to the complaint, the insider defendants knowingly tipped off Kamujula, Nekkalapudi, Dharmapurikar, and Chetan Pulagam to trade Twilio options and stock in advance of the May 6, 2020 announcement while in possession of material non-public information concerning customer usage. The scheme allegedly generated more than $1 million in trading profits. The SEC’s complaint charges all seven defendants with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

Summary generated from official Securities and Exchange Commission press release