SEC v. Dale B. Chappell, et al. (insider trading, 2024)

Alleged — pending

These are allegations. SEC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.

✓ Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (sec-dale-b-chappell-et-al-insider-trading-2024) by email

In December 2024 the Securities and Exchange Commission charged Humanigen's chief executive Cameron Durrant and chief scientific officer Dale Chappell, with three Chappell-controlled funds, with selling Humanigen stock in 2021 while knowing the FDA was unlikely to authorise its COVID-19 drug. It alleges Chappell and his funds sold over 3.8 million shares for more than $68 million and avoided losses over $38 million, and Durrant sold 80,000 shares and avoided over $1 million. The release reports no outcome; criminal charges against Chappell were unsealed in parallel.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

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.

What is alleged to have happened

The Securities and Exchange Commission announced these charges on December 30, 2024 as release LR-26206, in a District of New Jersey case with a second amended complaint filed May 20, 2024.

The complaint alleges violations of Section 17(a) of the Securities Act, Section 10(b) and Rule 10b-5, including through Rule 10b5-1 plans, and seeks injunctions, disgorgement, penalties and bars. Humanigen's stock fell nearly 50 percent when the FDA denied authorisation on September 9, 2021.

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 release.

Checked on 2026-10-04: no outcome found on SEC pages. The SEC litigation-release index, which runs through LR-26664, has no later release naming these defendants.

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. 2024-12-31 Litigation release published

Primary documents

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

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. 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 September 10, 2026. If this matter has since resolved, been withdrawn or been dismissed, we want to know: submit a correction.