this company. he d talk about it with his colleagues on the house floor, in the house speaker s lobby and his lawyers are already making clear they plan on a robust defense. want to read one piece of a statement which says it is notable that even the government does not allege that congressman collins traded a single share of inate stock. we re confident he ll be completely vindicated and exonerated. it s worth noting he will be arraigned at 2:30 here in manhattan. and it s also worth noting that this was not the first time congressman collins and his relationship with this company had come to the fore. obviously, he had been talking about it regularly. also significant ethical concerns. the office of congressional ethics did a detailed investigation into his ties to the company, including showing evidence that he had been lobbying members of the government about the company itself. he sat on the committee. the house energy and commerce that oversaw the company. and they house ethics c
electronic records indicate his initial shock at having received the news. the drug once anticipated to hold billions of dollar in value would now be the cause of significant financial loss for innate and, of course, its investors, many of whom shared a personal relationship with congressman collins. while the congressman was legally bound to keep his information confidential until the trial results were released to the investing public four days later on june 26th, we allege he did not. the indictment charges that collins immediately began contacting the family and friends he had brought into the fold. this set off a ripple effect in which many investors directly or indirectly connected to congressman collins were notified. most of them quickly sold their shares. innate s stock price plummeted 92% on the first trading day following the public announcement. but collins conspirators had saved themselves over $750,000
recapture control of the house. that s right. and you hear at that point, this idea that if the house flips, then you better watch out because they got power, the investigative power if you re democrats to go after the president. if you have a split, then you know the democrats are going to go after the president likely on this. that s a question of more details that would come on it if mueller is still continuing. the part that makes this again back to the collins indictment one of these things if you pitch this as a novel or tv series, they tell you to go away, it s too unbelievable. remember how much more they know than we know as this back and forth goes on. that s why it remains a mystery. we ll see if they tell us when the special counsel responds to the counteroffer. up next, related case. the defense pummels a key witness in the paul manafort trial. who will the jury believe? hem. because he hid his customers gold in a different box. and the bandits, well, they got r
thank you, geoff. and good afternoon, everybody. u.s. representative christopher collins sat on innate s board of directors for a period of more than three years, spanning the run-up to the drug trial announcement in mid-2017. collins himself was the company s largest shareholder. in or about the summer of 2017, a drug designed to treat a debilitating form of multiple sclerosis had entered the late stages of a phase ii clinical trial. this drug, mis-416, was the only viable drug in the pipeline for innate. this is significant in that the company s value was nearly completely wrapped up in the success of the clinical trial and a subsequent phase iii trial. on the evening of june 22nd, 2017, collins received an e-mail informing him that mis-416 had failed its clinical trial. electronic records indicate his initial shock at having received the news.