AMF France v. Mme Karen Pignet-Aiach and others (insider trading, 2025)

Judgment entered

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In May 2025 the Commission des sanctions fined four respondents EUR 700,000 in total over trading in Lysogene shares on 11 February 2021, the day after the biotech received FDA clearance to start clinical trials of its candidate drug LYS-GM101. It found illicit disclosure, use of the information and a recommendation to buy.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

€700k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in EUR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The Commission des sanctions of the AMF, second section, decided the matter on 5 May 2025. The respondents are Karen Pignet-Aiach, Gad Aiach, Michaël Chetrit and Mikostart SAS, a company linked to Mr Chetrit. Lysogene, a gene-therapy company on compartment C of Euronext Paris, was not a respondent.

The notifications alleged that the FDA's agreement to start clinical trials of LYS-GM101 was inside information, that Ms Pignet-Aiach disclosed it to Mr Aiach, and that Mr Aiach used it to buy shares for himself and a company, recommended buying to a third person and disclosed it to Mr Chetrit and to another man, while Mr Chetrit and Mikostart bought shares.

The Commission held that the information was inside information from around 19:00 on 10 February 2021 until 12 February. It found that Ms Pignet-Aiach held it by 19:29 on 10 February and passed it to Mr Aiach, who on 11 February bought 25,000 shares for himself and 45,510 for his company Vestingene, recommended purchases to a third person and told Mr Chetrit. It was not satisfied that he had told the other man. It found that Mr Chetrit and Mikostart used the information.

The fines were EUR 150,000 on Ms Pignet-Aiach, 400,000 on Mr Aiach, 50,000 on Mr Chetrit and 100,000 on Mikostart. Publication was ordered without anonymisation.

The record does not show the gains made, the nature of the family or business relationships beyond the decision's findings, whether any respondent appealed, or any criminal case.

This library tags the matter as insider trading. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the decision.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2025-05-05 Commission des sanctions decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• AMF decision page
• Decision (PDF, French)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 5, 2026. submit a correction.