February 21, 2024 (press release) –
Doron Tavlin, a former executive at Mazor Robotics, has been convicted of insider trading related to the device company's $1.6 billion acquisition by Medtronic.
While working as vice president of business development at Mazor in 2018, Mr. Tavlin tipped off his friend Afshin Farahan of Medtronic's potential acquisition, according to a Feb. 20 news release from the Justice Department. Mr. Farahan used the secret information to purchase more than $1 million of Mazor stock, which he immediately sold the morning after the acquisition was announced, resulting in a combined profit of more than $500,000. Mr. Farahan also agreed to pay Mr. Tavlin in exchange for the nonpublic information, according to trial evidence.
On Feb. 16, Mr. Tavlin was found guilty on one count of conspiracy to commit insider trading and 10 counts of securities fraud and aiding and abetting securities fraud. Mr. Farahan pleaded guilty to one count of conspiracy to engage in insider trading in August 2022.
Editor's note: Becker's has reached out to Medtronic for comment and will update the article if more information becomes available.
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