Litigation Releases (Hong (John) Wang and Precision Clinical Consulting, LLC)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26460 / January 15, 2026

Securities and Exchange Commission v. Hong (John) Wang and Precision Clinical Consulting, LLC, No. 26-civ-10140 (D. Mass. filed Jan. 14, 2026)

SEC Charges Biopharmaceutical Company Consultant with Insider Trading

On January 14, 2026, the Securities and Exchange Commission charged New Jersey resident Hong (John) Wang and his company, Precision Clinical Consulting LLC, with insider trading in the stock of C4 Therapeutics, Inc., a clinical stage biopharmaceutical company headquartered in Watertown, Massachusetts.

According to the SEC's complaint, filed in the U.S. District Court of Massachusetts, Wang allegedly became aware of positive clinical trial results for C4's flagship multiple myeloma and non-Hodgkin lymphoma drug while he was performing biostatistical consulting work for the company and had access to the drug's clinical trial data. The complaint alleges that Wang's consulting contract required him, among other things, to conduct biostatistical analysis on the clinical trial data related to this drug. According to the complaint, Wang allegedly purchased C4 shares between November 20, 2023 and December 12, 2023, while aware of material nonpublic information relating to the clinical trial. The complaint alleges that after C4 announced the positive results on December 12, 2023, Wang made $489,739 in realized and unrealized profits from his position. The complaint further alleges that Wang purchased C4 shares through four separate brokerage accounts, one of which is held in the name of Precision.

The SEC's complaint charges Wang and Precision with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks disgorgement plus prejudgment interest thereon against Wang and Precision, and permanent injunctive relief and civil penalties against Wang.

In a parallel action, on January 14, 2026, the U.S. Attorney's Office for the District of Massachusetts announced criminal charges against Wang.

The SEC's investigation was conducted by William Conway, Melissa Coppola, Peter Mancuso, and Sandeep Satwalekar, and supervised by Thomas P. Smith, Jr., all in the New York Regional Office. The litigation will be led by Mr. Conway and Mr. Mancuso and supervised by Daniel Loss. The SEC appreciates the assistance of the U.S. Attorney's Office for the District of Massachusetts, the FBI, and the Financial Industry Regulatory Authority.