Seven minutes after receiving the CEO Email, Panuwat purchased 578 call options in InCyte Corp., a comparable peer to Medivation, days before Medivation's public announcement that Pfizer would acquire Medivation. On August 22, 2016, Pfizer's acquisition of Medivation was disclosed to the public, which resulted in the stock price of Incyte increasing by 7.7 percent. Two days after the announcement of the Pfizer-Medivation acquisition, Panuwat sold 300 of his call options for a profit, and he sold the remainder of his call options in September 2016. As a result, Panuwat ultimately made approximately $120,000 from his trading activities with respect to the call options. On August 17, 2021, the SEC charged Panuwat with violating Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rule 10b-5 thereunder. Panuwat's Motion for Summary Judgment Denied On November 20, 2023, the Court denied Panuwat's motion for summary judgment.