On Wednesday, New York City’s attorney general announced that a law professor at Princeton University had been charged with insider trading.
In the last year, the New Jersey attorney general’s office has been investigating the sale of shares of a pharmaceutical company in which Harvard University law professor Paul Hastings was a co-investor.
Harrington is also a member of the prestigious Harvard Law Review, which publishes articles by some of the nation’s most respected law professors.
In a statement to The Associated Press, Hastings’ lawyer said the lawyer “reaffirms his innocence.”
The attorney general said the charges against Hastings come after “a lengthy investigation that began in August 2018 with an inquiry by the New York State Attorney General’s Office.”
The statement also said the attorney general is “aware of the allegations and intends to cooperate with the Attorney General in any way he may deem necessary.”
The law school has denied the allegations, saying the investigation into Hastings’ involvement in the company was conducted by the Office of the Attorney Gen.
The law professor has been in New York for more than three decades.
He earned his law degree from Princeton University in 1973 and was a member, along with another Princeton professor, of the law school’s elite Harvard Law Journal.
The Journal is published by Harvard University Press.
In his article published in December, Hastings wrote about how he bought shares of Pfizer in 2015 that he was part of a hedge fund, called the Boston Associates, that invested in biotech companies.
In September, the Boston Consulting Group, which specializes in advising big corporations on mergers and acquisitions, filed a complaint with the New England Bar Association against Hastings, alleging insider trading on Pfizer shares.
Pfizer declined to comment on the accusations.
The Boston Consulting group, which has accused Hastings of selling stock in biotech startups, has also accused him of “trolling” a competitor, Merck, for a year.
The Harvard Law School has said it is cooperating with the investigation.
In 2015, Hastings published a blog post titled “Why I bought shares in Pfizer,” in which he said he believed Pfizer was the “new and improved drugmaker of the 21st century.”
“Pfizers market share, patents and sales are growing rapidly, and Pfizer’s price per share is well below what it was 10 years ago,” Hastings wrote.
“It’s not just the price, but the quality of the products that is driving this growth.”
Pfennix shares fell more than 15 percent in New England and were down more than 30 percent in the Midwest in 2016, when they were trading at $13.60.
In 2016, Hastings said he bought Pfizer stock for $1.4 million because he believed that Pfizer had a new drug in development.