Pfizer CEO Sold Millions In Stock After Coronavirus Vaccine News, Raising Questions

The Chairman and CEO of Pfizer, Albert Bourla, sold $5.6 million worth of stock in the pharmaceutical company on Monday. The sale took place on the same day Pfizer announced that its experimental coronavirus vaccine candidate was found to be more than 90% effective. The company's stock soared on the news.

Bourla sold the stock as part of a stock trading plan that aims to shield corporate executives from allegations of illegal insider trading. But these plans have become increasingly controversial and the issue has taken on added urgency given the billions of dollars the government has promised Pfizer if its vaccine meets the approval of federal regulators.

Bourla's sale of Pfizer stock was part of a trading plan set months in advance. Known as 10b5-1 plans, they essentially put stock trades on autopilot. Executives are only supposed to adopt these plans when they are not in possession of inside information that can affect a company's stock price - what's known as material nonpublic information.