The SEC has filed a settled insider-trading action against Benjamin Tesfaye over trades in Calliditas Therapeutics AB securities shortly before Asahi Kasei announced its May 2024 tender offer for the Swedish pharmaceutical company. The Commission alleges that Tesfaye obtained material nonpublic information from his then-romantic partner, whose work at an Asahi Kasei subsidiary included assessing Calliditas's compliance program for the pending acquisition, and then bought Calliditas ADRs and out-of-the-money call options before the transaction became public. :chatgpt-content-reference{index="0"}
U.S. Securities and Exchange Commission (SEC)
Official Release: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26609
NEWS:
The SEC filed its complaint against Benjamin Tesfaye on August 11, 2026 in the U.S. District Court for the Northern District of Texas. According to the complaint, Tesfaye learned confidential information about Asahi Kasei's planned acquisition of Calliditas through his then-romantic partner, who worked for an Asahi Kasei subsidiary and was involved in reviewing Calliditas's compliance program as part of the transaction. The SEC alleges that Tesfaye used that information to purchase Calliditas securities on May 23, 2024, two trading days before the tender offer announcement, using both his own brokerage account and an account belonging to a family member that he controlled. :chatgpt-content-reference{index="1"}
The trading strategy is a key feature of the case. The SEC says Tesfaye purchased American Depositary Receipts as well as out-of-the-money Calliditas call options, giving him leveraged exposure to a potential acquisition-driven price move. Asahi Kasei publicly announced its recommended offer for Calliditas on May 28, 2024, including a concurrent U.S. tender offer for the company's ADSs. Following the announcement, Calliditas shares rose by approximately 70%, and the SEC alleges Tesfaye sold the positions in the two accounts for $18,668 in illicit profits. :chatgpt-content-reference{index="2"}
Tesfaye agreed to settle without admitting or denying the SEC's allegations, subject to court approval. The proposed final judgment would permanently enjoin him from violating Exchange Act Sections 10(b) and 14(e), as well as Rules 10b-5 and 14e-3, and would require $18,668 in disgorgement, $2,168 in prejudgment interest and a $18,668 civil penalty. The case illustrates how tender-offer compliance information can itself become highly sensitive transaction information when employees, advisers and related parties are conducting acquisition due diligence. :chatgpt-content-reference{index="3"}
KEY POINTS:
- SEC Litigation Release No. 26609 was issued on August 11, 2026. :chatgpt-content-reference{index="4"}
- The case concerns trading ahead of Asahi Kasei's May 28, 2024 tender offer for Calliditas Therapeutics. :chatgpt-content-reference{index="5"}
- The SEC alleges Tesfaye obtained the information from his then-romantic partner, who worked at an Asahi Kasei subsidiary and participated in Calliditas compliance due diligence. :chatgpt-content-reference{index="6"}
- He allegedly bought Calliditas ADRs and out-of-the-money call options in his account and a controlled family-member account.
- Calliditas shares rose approximately 70% after the transaction announcement, and the SEC alleges Tesfaye generated $18,668 in profits. :chatgpt-content-reference{index="7"}
- The proposed settlement includes disgorgement, prejudgment interest and a civil penalty equal to the alleged trading profit. :chatgpt-content-reference{index="8"}